Datasets:
gtfintechlab
/
central_bank_of_the_philippines

Dataset card Data Studio Files Community
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the members gave particular attention to the developments in asian equity markets, where risk-averse investors have generally fled.
neutral
not forward looking
certain
2,009
549
- for advanced economies, economic growth forecast was revised downwards for 2020 but maintained for 2021 due to the expected slower growth in the us, euro area, and the uk, as well as downgrades to other advanced economies in asia, notably hong kong due to the impact of the pro-democracy protests.
dovish
forward looking
certain
2,020
476
this, however, may be tempered by the broadly steady peso and higher utilization of hydroelectric power plants with the increased rainfall brought about by the la niña.
neutral
not forward looking
certain
2,008
663
the relative stability in overall consumer prices was due mainly to steady food prices and lower inflation for some services items in the cpi which cushioned the impact of higher prices of fuel and oil-related products, clothing materials as well as the increased costs for housing repairs.
dovish
not forward looking
certain
2,004
820
- the national government (ng) recorded a ₱879.2 billion fiscal deficit for the first nine months of 2020.
neutral
not forward looking
certain
2,020
736
slower economic activity in the us as well as globally could also moderate price pressures coming from imported oil and food.
dovish
forward looking
uncertain
2,008
867
this brings the year-to-date average inflation to 2.6 percent, which remains well within the government’s target range of 2-4 percent for 2019.
neutral
not forward looking
certain
2,019
32
oil price developments - dubai crude oil prices were higher in january 2010 with increased demand in winter but averaged lower in february as the weak us economy dampened demand growth.
neutral
not forward looking
certain
2,010
990
meanwhile, capacity utilization in manufacturing also continued to be fairly low at 76.0 percent for october 2002.
dovish
not forward looking
certain
2,003
676
information available at the time of the policy meeting.
irrelevant
not forward looking
certain
2,008
234
- on 15 january 2019, the senate transmitted the rice tariffication bill to the office of the president for signature.
neutral
not forward looking
certain
2,019
833
these reflect the impact of the russia-ukraine conflict on commodities and financial markets.
neutral
not forward looking
certain
2,022
892
- latest data generally showed moderate improvements in demand conditions.
dovish
not forward looking
certain
2,006
472
meanwhile, the official core inflation rate further eased to 5.9 percent y-o-y in september from 6.1 percent in august.
dovish
not forward looking
certain
2,023
201
the long-standing structural weaknesses in the banking system have constrained the recovery of the japanese economy.
dovish
not forward looking
certain
2,002
745
this would also affect over time the supply factors that could impinge on price stability.
neutral
forward looking
uncertain
2,004
678
oil price developments - oil prices surged in early march 2022 as geopolitical conflict in eastern europe intensified with imposition of western sanctions on russia.
hawkish
not forward looking
certain
2,022
959
- recent surveys showed inflation expectations remained generally well-anchored: forecast for august and the bsp’s survey of private sector economists for july showed lower average inflation forecasts for expectations survey indicated a sharp decrease in the number of respondents expecting inflation to increase in the current quarter.
dovish
forward looking
certain
2,009
710
wesm charges in turn were pushed upwards by tighter supply conditions in the luzon power grid.
hawkish
not forward looking
certain
2,021
159
at 0.1 percent in the first quarter of 2003 following a 0.5 percent rise in the fourth quarter of 2002.
neutral
not forward looking
certain
2,003
368
given that monetary policy affects inflation with a lag, a more accommodative stance now could undermine the attainability of the inflation target in 2003.
hawkish
forward looking
certain
2,002
185
the withdrawal of ng deposits with the bsp could imply an infusion of additional liquidity into an already-liquid financial system, which could lead to demand-related inflationary pressures.
hawkish
forward looking
uncertain
2,002
728
for within the bsp’s target.
neutral
not forward looking
certain
2,010
735
meanwhile, net domestic assets grew at a faster pace given the stronger expansion in private sector borrowing.
hawkish
not forward looking
certain
2,010
492
on the other hand, the uptick in mooe in q3 2023 can be attributed mainly to disbursements for the banner programs of the department of social welfare and development and the department of agriculture, as well as the department of health’s payment of public health emergency benefits and allowances and implementation of medical assistance for indigent patients program.
neutral
not forward looking
certain
2,023
505
- by geographical location, inflation in the national capital region (ncr) and areas outside ncr declined further to 1.5 percent and 2.7 percent, respectively, in january from - inflation expectations—as measured in forecast surveys for january—were lower compared to the previous month and aligned to the inflation target.
dovish
not forward looking
certain
2,015
168
the increases in the prices of fuel products, medicines, selected construction materials (which raised the inflation rate for housing and repairs) and personal services, as well as higher purchased power adjustment (ppa) and the currency rate adjustment (cera) for electricity in the national capital region (ncr) contributed to the upward movement in consumer prices in december 2002.
hawkish
not forward looking
certain
2,003
38
meralco noted that its proposed new rates as contained in its petition for the unbundling of power rates could raise the cost of electric power consumption by an average of p1.12 per kwh.
hawkish
forward looking
certain
2,002
101
cumulatively, the fiscal deficit reached p31.7 billion for the period january-august, higher than last year’s p25.5 billion deficit for the same period.
hawkish
not forward looking
certain
2,008
233
- philippine gdp grew at a moderate pace as consumer and government spending eased.
neutral
not forward looking
certain
2,017
266
however, relative to the slope of the yield curve on 4 january 2002, the yield curve has declined markedly but remained steeper at the long end.. 20.
neutral
not forward looking
certain
2,002
470
pressures on the peso have again raised concerns of a possible sustained episode of currency depreciation, with adverse implications for inflation and inflation expectations.
hawkish
forward looking
uncertain
2,004
688
meanwhile, pump prices of petroleum products in the domestic market eased in january, following the decline in world oil prices in the previous month.
dovish
not forward looking
certain
2,005
707
developments in the utilities sector - the erc approved the increase in meralco’s distribution charge in consuming 200 kilowatt-hours (kwh) per month will increase by about increase by this magnitude as the distribution charge accounts for only about 10 percent of total electricity cost.
neutral
not forward looking
certain
2,010
278
despite these initial signs of improvement, however, financial conditions in the us economy have remained tight.
neutral
not forward looking
certain
2,009
570
the next meeting of the monetary board on monetary policy issues is scheduled on 28 january 2010.
irrelevant
forward looking
certain
2,009
670
the official core inflation measure published by the national statistics office (nso) increased to 5.9 percent in april from 4.8 percent in march.
hawkish
not forward looking
certain
2,008
675
prices of domestic petroleum products followed suit.
neutral
not forward looking
certain
2,016
144
the growth of ahff was driven up by higher poultry, livestock, corn, and coconut production but was tempered by contractions in the production of sugarcane, rice and mango.
neutral
not forward looking
certain
2,012
918
in addition, nikkei asean manufacturing pmi continued to expand in november at restrictions.
neutral
not forward looking
certain
2,021
141
adjusted for the risk premium (measured by the differential between the 10-year rop note and the 10-year us treasury note), the differential between the bsp policy interest rate and the us federal funds target rate narrowed to 27 basis points as of 3 march 2003.
neutral
not forward looking
certain
2,003
263
oil price developments - global crude oil prices started rising past the us$60.00 per barrel level in january 2019 with the implementation of the production cut by the organization of petroleum exporting countries (opec).
hawkish
not forward looking
certain
2,019
128
[14] it could be recalled that, pursuant to the pertinent provisions the electric power industry reform act of 2001, npc filed on 26 december 2001 its petition for the unbundling of power rates.
neutral
not forward looking
certain
2,002
607
similarly, us manufacturing activity slowed down amid subdued demand.
dovish
not forward looking
certain
2,019
108
data for august 2004 showed average capacity utilization at 79.2 percent (revised), a slight deceleration from the 79.7 percent in july.
neutral
not forward looking
certain
2,004
105
inflation expectations - inflation expectations based on the bsp and private sector forecast surveys remained within the 3-5 percent target range over the policy horizon.
neutral
forward looking
certain
2,012
35
- financial market volatility eased over the past month on expectations that the us federal reserve (us fed) would delay further interest rate hikes.
dovish
not forward looking
certain
2,016
839
reflecting the strong performance of the manufacturing sector, capacity utilization has remained consistently above 80 percent.
neutral
not forward looking
certain
2,011
537
the 15 january 2004 meeting of the monetary board—the 1st meeting for 2004 to discuss monetary policy issues—followed the advisory committee meeting held on represents a moderate rise in inflation, reflecting the impact of a projected rise in output growth and improvements in aggregate demand, possible wage adjustments as well as cost-push influences of planned adjustments in import tariff rates and utility charges.
hawkish
forward looking
certain
2,004
495
this was a slight improvement over the 1.9 percent increase in the previous month.
neutral
not forward looking
certain
2,005
979
while this was slower than the 7.1- and 7.5-percent growth posted in the first two quarters, this was faster compared to the 5.1 percent growth in the comparable period last year.
neutral
not forward looking
certain
2,008
271
however, subdued consumer confidence continued to weigh down on consumption growth.
dovish
not forward looking
certain
2,005
8
the increased liquidity in the financial system is reflected in continued oversubscriptions in the t-bill and t-bond auctions by the btr in january inflation expectations.
hawkish
not forward looking
certain
2,021
737
the minimum fare for jeepneys nationwide increased by p0.50 and the fare for regular and airconditioned buses in metro manila by p1.00 and p1.50, respectively.
neutral
not forward looking
certain
2,008
523
holding the key rates steady could delay the stimulatory impact toward a sustainable growth path.
neutral
forward looking
uncertain
2,003
968
percent from 80.1 percent (revised) in the previous month.
neutral
not forward looking
certain
2,003
279
across the seven monitored countries, singapore, thailand, and indonesia showed improvements in manufacturing operations during the month, while myanmar and malaysia continued to contract.
neutral
not forward looking
certain
2,020
853
- changing expectations about the policy settings of the major central banks, outlook on the chinese economy and more external headwinds continued to influence market sentiment over the past month.
neutral
not forward looking
certain
2,015
899
- outstanding loans of commercial banks (including rrps) grew at a faster pace in may at 15.4 percent year-on-year, higher than the 10.3 percent (revised) and 7.7 percent posted in march and april, respectively.
hawkish
not forward looking
certain
2,008
282
however, for the period 1-28 january, oil prices were lower as us crude oil production rose to its highest level in more than two decades.
dovish
not forward looking
certain
2,014
758
on the supply side, growth in 2014 was supported by services and industry, particularly manufacturing.
neutral
not forward looking
certain
2,015
375
the program expects to produce an additional 339,598 metric tons of rice for 2002.
neutral
forward looking
certain
2,002
937
[6] in practice, the nfa sells imported rice in the domestic market during lean months in order to shore up supply and temper possible pressures on rice prices.
dovish
forward looking
uncertain
2,002
92
- the fiscal deficit was higher for january-october 2008 compared to the comparable period a year ago.
hawkish
not forward looking
certain
2,008
371
- bank lending, net of banks’ reverse repurchase (rrp) placements with the bsp, grew by 6.6 percent year-on-year, faster than the previous month’s growth of 4.7 percent.
hawkish
not forward looking
certain
2,010
190
similarly, yields for the 182-day t-bill rate and the 364-day t-bill rate increased to 6.6 percent and 7.609 percent, respectively, from 6.277 percent and 7.201 percent.
hawkish
not forward looking
certain
2,003
546
- core inflation—which excludes certain volatile food and energy items to better capture underlying price pressures—rose to 3.0 percent from 2.6 percent.
hawkish
not forward looking
certain
2,017
804
meanwhile, the lower forecast for appreciation, and lower domestic growth outlook following the cumulative policy rate adjustments of the bsp.
dovish
forward looking
certain
2,022
325
the risks over the pace of global economic recovery remained predominantly on the downside.
dovish
forward looking
uncertain
2,003
568
rainfall conditions have normalized in most of luzon and the approved wage hike for ncr is not expected to generate additional inflationary pressures.
dovish
forward looking
certain
2,007
404
palay production could grow by 8.9 percent year-on-year to 5.4 million mt in the fourth quarter of 2002 with the expected favorable impact of the quick turnaround scheme (qta) and adequate rainfall brought about by the southwest monsoons.
neutral
forward looking
certain
2,002
352
g. domestic liquidity and credit conditions - domestic liquidity grew at a slower pace of 7.7 percent year-on-year in october from 10.5 percent in september.
dovish
not forward looking
certain
2,010
866
estimated at 72 days of supply, well above the required minimum inventory level of 7-15 days.
neutral
not forward looking
certain
2,003
208
the monetary board (mb) decided to: a) reduce the bsp’s policy interest rates by 25 basis points to 3.75 percent for the overnight rrp (borrowing) rate and 5.75 percent for the overnight rp (lending) rate; b) reduce accordingly the current interest rates on term rrps, rps and sdas; and c) maintain the current reserve requirement ratios.
dovish
not forward looking
certain
2,012
679
meanwhile, inflation expectations for 2023 are also lower, while those for 2024 and 2025 appear to have settled firmly within the target range.
dovish
forward looking
certain
2,023
145
net foreign assets of depository corporations continued to drive m3 growth, although at a slower pace of 32.2 percent year-on-year from 39.7 percent in august.
neutral
forward looking
certain
2,007
567
this was a further downturn from the 8.9 percent expansion in the same month last year.
neutral
not forward looking
certain
2,005
793
based on data on bid yields, the yield curve for government securities in the secondary market as of 14 october 2002 generally shifted upward—except for treasury note.
hawkish
not forward looking
certain
2,002
6
at the same time, capacity utilization in manufacturing has continued to be sluggish as it slipped slightly to 75.3 percent in april 2002 from 75.9 percent in the previous month.
dovish
not forward looking
certain
2,002
329
- strong domestic demand is also reflected in the latest survey results of the q3 2012 senior loan officers’ survey (slos) which point to an increase in overall demand for loans.
hawkish
not forward looking
certain
2,012
857
the advisory committee [1] submitted the following recommendations for the consideration of the monetary board: overnight rrp (borrowing) rate and 7.0 percent for the overnight rp (lending) rate; the recommendation to keep monetary policy settings unchanged was based on the following assessments: depending on the movements in oil and non-oil commodity prices, inflation could settle above the 2008 inflation target range but will be within the 3.5 percent ± 1.0 percentage point target range for 2009. side, and the use of monetary instruments against such influences may have less effect compared with direct supplyside intervention measures.
neutral
forward looking
uncertain
2,008
653
likewise, tracking the movement of international oil prices, prices of most domestic petroleum products were adjusted downward thus far in june.
dovish
not forward looking
certain
2,017
612
to cushion the impact of these challenges on the country’s food security, the national government has implemented crucial non-monetary measures to fill supply gaps and boost local production, such as rice imports to augment supply in the domestic market, the extension of lower tariff rates on pork imports, and the relaxation of quantitative import restrictions for sugar processors over the near-term, among others.
dovish
not forward looking
certain
2,022
104
for the month of january 2003, the budget deficit of the national government (ng) was recorded at p13.9 billion, lower than the p15.0 billion budget gap recorded in the same month a year ago.
dovish
not forward looking
certain
2,003
21
developments in the utilities sector - electricity rates of manila electric co. (meralco) increased in november due to an increase in its power supply cost.
hawkish
not forward looking
certain
2,011
517
meanwhile, corn production for q2 2009 is forecast at 1.3 mmt, 1.0 percent lower than the q2 2008 output, due to heavy rains and the early harvest in q1.
neutral
not forward looking
certain
2,009
514
developments in the utilities sector - the erc provisionally approved a lower refund under the 12[th] gram and 11[th ]icera for the luzon grid and the increase in npc’s basic rates.
neutral
not forward looking
uncertain
2,009
69
- however on 23 december 2013, the supreme court (sc) issued a temporary restraining order suspending the implementation of the upward adjustment in power rates for 60 days.
dovish
forward looking
certain
2,014
165
philippine government is implementing several measures to help cushion the impact of high oil prices.
dovish
forward looking
certain
2,005
301
policy uncertainty such as the state of regulatory and fiscal policies in the us, spillovers from tighter global financial conditions, and geopolitical risks as the primary downside risks to global growth over the medium term.
dovish
forward looking
uncertain
2,019
648
- local equities continued to consolidate in october, as the benchmark index retreated due to lingering uncertainties over the us presidential elections and the increased likelihood of a us fed rate hike in december (on the back of upbeat us retail sales data in september), combined with concerns over the fate of deutsche bank and on whether the ecb will taper its monetary stimulus.
hawkish
forward looking
uncertain
2,016
66
- fiscal consolidation continued as the national government (ng) recorded a deficit of ₱204.1 billion for january – april 2023, 34.6 percent lower than the amount recorded in the same period in 2022.
neutral
not forward looking
certain
2,023
680
domestic pump prices of petroleum products saw mixed trends: gasoline and lpg prices fell while diesel and kerosene rose in march.
neutral
not forward looking
certain
2,006
900
j:\_aamb policy and minutes\highlights\2006 mb minutes\mb minutes 10-08-2006 meeting_final.doc sustained decline in core inflation also implied reduced demand pressures on consumer prices.
dovish
not forward looking
certain
2,006
450
thus, the board also decided, effective 15 march 2010, to: d) reduce the peso rediscounting budget from p60 billion to p40 billion; e) restore the loan value of all eligible rediscounting papers to 80 percent from 90 percent of the borrowing bank’s credit instrument; and f) revert to the pre-crisis npl ratio requirement of two percentage points above the latest available industry average.
hawkish
not forward looking
certain
2,010
68
the policy rate hikes are seen to temper demand in 2024 as real interest rate shifts to positive territory.
hawkish
forward looking
uncertain
2,022
700
the continued accommodative monetary policy settings will provide an environment of affordable financing to support investments and consumption under an inclusive and sustainable economic recovery.
dovish
forward looking
certain
2,020
483
- amid broad-based inflation pressures, persistent upside risks to inflation, and elevated inflation expectations, the monetary board deemed it necessary to take aggressive monetary action to bring headline inflation back to within target as soon as possible.
hawkish
forward looking
certain
2,022
729
mobility trends for places of work was below the baseline, suggesting that work-from-home arrangements are still in place in february 2021.
neutral
not forward looking
certain
2,021
734
on the demand side, economic activity was driven by resilient private domestic demand and an improved external trade position.
neutral
not forward looking
certain
2,015
58