Datasets:
gtfintechlab
/
central_bank_of_the_philippines

Dataset card Data Studio Files
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the monetary board decided to: a) keep the overnight rrp (borrowing) rate unchanged at 2.00 percent; and b) maintain the accommodative levels of overnight deposit and overnight lending rates at 1.50 percent and 2.50 percent, respectively.
dovish
not forward looking
certain
2,022
829
the average inflation rate for januaryaugust 2007 was maintained at 2.6 percent.
neutral
not forward looking
certain
2,007
927
- in deciding to raise the policy rate anew, the monetary board has noted that price pressures continue to broaden.
hawkish
not forward looking
certain
2,022
550
the following sectors registered a decline in outstanding loans: construction; agriculture; manufacturing; electricity, gas and water; and transport, storage and communication.
dovish
not forward looking
certain
2,006
455
however, the market subsequently retreated as investors cashed in on gains on the possibility of an earlier-thanexpected interest rate hike by the us federal reserve following positive jobs data in february.
hawkish
not forward looking
uncertain
2,015
766
expected inflation for 2010 increased to 4.8 percent from 4.6 percent in the previous month.
hawkish
forward looking
certain
2,010
574
the mean inflation forecast for 2020 went up to remained at 3.2 percent and 3.1 percent, respectively.
hawkish
forward looking
certain
2,020
421
domestic liquidity (m3) grew by expand due largely to sustained demand for credit.
dovish
not forward looking
certain
2,016
691
g. domestic liquidity and credit conditions - domestic liquidity or m3 increased at a faster pace of 8.0 percent in may assets (nfa)—recorded at 15.3 percent in may—continued to fuel the expansion of domestic liquidity.
dovish
not forward looking
certain
2,011
690
the average inflation for the first four months of the year was 3.7 percent, lower than the government-announced target of months to 4.1 percent.
dovish
not forward looking
certain
2,004
650
additional petitions for adjustments in electricity rates, and rising inflation sentiments could also lead to higher inflation.
hawkish
forward looking
uncertain
2,011
890
by contrast, the mean inflation forecasts for 2025 and 2026 both increased to 3.6 percent (from 3.5 percent and 3.4 percent, respectively).
hawkish
forward looking
certain
2,024
954
more positive economic data in previous months have led to markets pricing in a higher likelihood of an increase in the us policy rate before the end of the year.
hawkish
forward looking
certain
2,016
585
at the same time, inflation for services also accelerated due to increases in the domestic prices of petroleum products, largely influenced by rising imported crude oil prices, and the recent hikes in transport fares.
hawkish
not forward looking
certain
2,011
519
- in november, the peso appreciated against the us dollar amid the recent us federal reserve rate cut; the release of philippine inflation data for october which eased to a three-year low; the acceleration in the country’s economic growth in q3 2019; and the rise in gross international reserves (gir) in october 2019.
dovish
not forward looking
certain
2,019
520
declined by 0.9 percent, a reversal from the 22.1 percent rise in the - food and energy items continued to account for more than half of the previous month based on the data of the chamber of automotive manufacturers of the philippines, inc. percent year-on-year in september, as the increase in commercial energy consumption failed to offset the slowdown in the consumption of residential and industrial users.
neutral
not forward looking
certain
2,005
10
- core inflation, which excludes selected volatile food and energy items to depict underlying demand-side price pressures, likewise accelerated to 3.3 percent year-on-year in august 2021 from 2.9 percent a month earlier.
hawkish
not forward looking
certain
2,021
206
- following a relative period of calm in october, bond spreads widened in november on concerns over the possible tapering of the us fed’s qe program.
hawkish
not forward looking
uncertain
2,013
819
to soften the impact of the rate increase on consumers, the mwss and mwc have agreed to implement the tariff adjustment on a staggered basis.
dovish
not forward looking
certain
2,002
753
the monetary board (mb) decided to: a) maintain the bsp’s policy interest rates at 3.5 percent for the overnight rrp b) set the interest rate on rrps at 3.5 percent for all tenors; c) set the special deposit account (sda) rate at 2.5 percent across all tenors; and d) maintain the current reserve requirement ratios.
neutral
not forward looking
certain
2,013
491
the advisory committee[1] submitted the following recommendations for the consideration of the monetary board: overnight rrp (borrowing) rate and 9.75 percent for the overnight rp prices and continue representation and coordination with concerned government agencies for this purpose; and the bsp’s policy pronouncements on the stance of monetary policy.
neutral
forward looking
certain
2,006
543
meanwhile, the 91 day t-bill rate increased by 8.4 basis points.
hawkish
not forward looking
certain
2,011
666
- rice prices were steady in metro manila (mm) but declined in areas outside metro manila (aomm) in september 2009 and the first half of october.
dovish
not forward looking
certain
2,009
308
given the concerns over inflationary risks posed by the upswing in world oil prices and possible power rate adjustments, a likely increase in election-related spending and indications that demand pressures would pick up as the global economic recovery strengthens, some monetary board members emphasized the need to monitor and assess more carefully the evolving environment, with particular focus on the impact of the current middle east conflict on the oil market.
hawkish
forward looking
certain
2,002
171
the next meeting of the monetary board on the monetary policy stance is the mb considered the following developments in deciding on the monetary policy stance: - year-on-year headline inflation rose further to 6.4 percent in august 2018 from 5.7 percent in july 2018 using the 2012-based consumer price index (cpi) series.
hawkish
not forward looking
certain
2,018
45
- inflation concerns, risk aversion, and economic uncertainty in the us continued to dictate financial market sentiments.
hawkish
not forward looking
certain
2,008
699
- growth in commercial bank lending rose to 11.1 percent year-on-year in october from 6.1 percent in september, driven mainly by loans to the financial institutions, real estate and business services (firebs) sector; the community, social and personal services sector; and the wholesale and retail trade sector.
hawkish
not forward looking
certain
2,006
139
- agricultural output grew at a slower pace of 1.7 percent in the first nine months of 2005 compared to 6.6 percent in the previous year, as the crops subsector contracted due to lower _palay, corn and sugarcane_ production, while the other subsectors posted modest increases.
dovish
not forward looking
certain
2,005
216
mean inflation forecast for 2017 stood at 2.9 percent.
neutral
forward looking
certain
2,016
366
the highlights of the discussions on the 1 december 2011 meeting were approved by the monetary board during its regular meeting held on 15 december 2011.
irrelevant
not forward looking
certain
2,011
176
it was also lower than the q1-q3 program at p914.2 billion.
neutral
not forward looking
certain
2,009
920
by contrast, economic activity across major emerging markets weakens further.
dovish
not forward looking
certain
2,015
258
- the ongoing dry spell may be strengthening.
hawkish
forward looking
certain
2,006
49
in addition, the risks to future inflation remained on the upside.
hawkish
forward looking
certain
2,018
433
following the reassurance from the organization of petroleum exporting countries (opec) that it is prepared to increase production to meet higher demand for oil.
neutral
forward looking
uncertain
2,004
930
however, palay output is expected to decline in q3 2014 compared to year-ago levels based on the bureau of agricultural statistics’ (bas) palay and corn production survey report due to the reduction in harvest areas and yields per hectare.
dovish
forward looking
certain
2,014
946
- meanwhile, the prospects for a sustainable recovery remain dependent on timely and robust responses to the pandemic and the risk of further outbreaks of covid-19 infections.
neutral
forward looking
certain
2,021
344
these factors offset the impact of the higher gdp growth rate and ng deficit assumptions for 2012.
neutral
forward looking
certain
2,012
936
this simulation was based on the assumption that the average price of dubai crude would reach us$27.50 in 2002.
neutral
forward looking
uncertain
2,002
824
- in the global market, the february 2010 crop prospects and food situation outlook of the food and agriculture organization (fao) indicated further improvement in the global cereal supply situation.
dovish
not forward looking
certain
2,010
741
mb meeting mb meeting - the risks to the inflation outlook appear to be weighted toward the upside for 2020, but are tilted to the downside in 2021.
neutral
forward looking
uncertain
2,019
999
this was due to the combined impact of lingering political concerns and lower demand for government securities following the successful issuance of retail treasury bonds on - the peso was weaker against the us dollar in early september due to market jitters relating to the uncertainty on the domestic political front.
neutral
not forward looking
certain
2,005
855
growing expectations of recovery have also been particularly apparent in financial markets across the globe.
neutral
forward looking
certain
2,002
751
in the domestic market, pump prices have also been rising with some risks toward the upside with the impending closure of the petron refinery.
hawkish
forward looking
certain
2,021
124
these risk factors include primarily the rise in world oil prices, which will affect the cost of producing other goods and services.
hawkish
forward looking
certain
2,004
242
compared to the survey two quarters ago, fewer banks have tightened lending standards over the past six months based on the fed’s senior loan officer survey.
dovish
not forward looking
certain
2,009
161
preliminary data show that m3 grew by 6.4 percent y-o-y to about ₱16.3 trillion in december from the 5.5-percent (revised) growth in november.
dovish
not forward looking
certain
2,023
42
the downward revision in the risk-adjusted forecast for 2024 is attributed primarily to the decline in the estimated risks along with the decrease in the baseline forecast for the year.
dovish
forward looking
certain
2,024
621
moreover, economic activity has been subject to downside risks, as fiscal fragilities have weighed heavily on the economic outlook.
dovish
forward looking
certain
2,010
524
- the philippine business cycle (measured as the trend cycle of growth rate for industry and services) eased for the third consecutive quarter in q3 2018 but remained above the long-term growth trend.
neutral
not forward looking
certain
2,018
212
however, analysts generally view the domestic stock market’s overall positive tone as sustainable over the long term.
neutral
forward looking
uncertain
2,002
718
- meanwhile, the fomc kept its policy rate unchanged during its 27 january meeting but kept its options open for the march meeting.
neutral
forward looking
certain
2,016
262
however, immediately after the generally peaceful 10 may elections, the psei recovered.
neutral
not forward looking
certain
2,010
91
meanwhile, charges from the psa increased due to higher prices of international coal and lower plant dispatch of some psas in october from the $2.04-billion gap a year earlier.
neutral
not forward looking
certain
2,021
813
meanwhile, treasury bill (t-bill) rates were generally lower during the 18 july 2005 auction compared to their levels on 11 july 2005. accelerated to 12.2 percent year-on-year in may 2005, based on depository corporations survey (dcs) from the 12.0 percent rise in the previous month.3 the 4.3 year-on-year growth recorded in april 2005. during the 18 july 2005 auction.
neutral
not forward looking
certain
2,005
401
moreover, adequate and timely importation would further support the relative stability in food prices.
neutral
forward looking
certain
2,003
761
of future price movements pointed to a generally manageable inflation over the policy horizon with some upside risks.
dovish
forward looking
uncertain
2,004
579
- nevertheless, the monetary board recognized that the balance of risks to the inflation outlook remains tilted toward the upside, linked mainly to movements in oil prices.
hawkish
forward looking
certain
2,006
991
the main downside risks facing the international economy over the past two years—notably those pertaining to the geopolitical risks, corporate and financial governance issues and the sars outbreak in asia—have largely dissipated.
neutral
forward looking
certain
2,004
13
- the decision of the monetary board is based on its assessment that inflation is likely to decelerate in the remaining months of 2021 with fullyear inflation slightly exceeding the upper end of the target band.
dovish
forward looking
certain
2,021
583
- meanwhile, the preliminary composite purchasing managers’ index (pmi) remained above the the average capacity utilization rate of the manufacturing sector stood at 84.3 percent in july, unchanged from the month-ago level, based on the philippine statistics authority’s monthly integrated survey of selected industries (missi).
neutral
not forward looking
certain
2,019
458
relative to previous surveys, the asia contraction in gross capital formation and manufacturing output along with the modest expansion in credit activity, suggested that the current pacific consensus forecast for september and the bsp’s survey of private sector economists for august showed lower and within-target average inflation forecasts for 2009.
dovish
not forward looking
certain
2,009
966
oil price developments - global crude oil prices averaged higher in january 2018, at around uss$65 per barrel following the extension of the organization of the petroleum exporting countries’-led production cut agreement, geopolitical tensions, and unplanned supply outages.
hawkish
not forward looking
certain
2,018
673
as of 16 march, the embi+philippine spread was wider than end-february’s level, although still trading narrower than the embi+ global spread.
neutral
not forward looking
certain
2,011
73
- on a year-to-date basis, the peso depreciated against the us dollar by 1.8 percent on 17 october 2023 from the end-december 2022 closing rate.
hawkish
not forward looking
certain
2,023
508
the steady downtrend in the benchmark rp rates was accompanied by relatively steady foreign interest rates, which in turn translated into narrower interest rate differentials in may.
dovish
not forward looking
certain
2,003
592
policy rates or in liquidity reserve requirement would infuse more liquidity in the system, which could fan inflation.
hawkish
forward looking
uncertain
2,003
938
they argued that monetary policy stance should continue to recognize the liquidity needs of economic growth against a backdrop of essentially benign inflation.
dovish
forward looking
certain
2,003
581
f) the buoyancy of demand conditions adds latitude to the conduct of monetary policy and suggests room for a measured policy response.
neutral
not forward looking
certain
2,008
528
concluded that raising policy rates does not appear to be warranted, as this would reduce demand but does not address directly the key influence behind rising consumer prices, namely oil prices.
dovish
forward looking
certain
2,005
202
nevertheless, the year-to-date average inflation of 3.3 percent was more than a full percentage point lower than the 2002 target.
dovish
not forward looking
certain
2,002
232
however, a number of risks remain, notably a sharper-than-expected slowdown in the us economy, a disorderly unwinding of global imbalances, and a potential increase in market volatility.
neutral
forward looking
uncertain
2,007
777
- while real sector activity is likely to moderate in q2 2014, the philippine economy is expected to continue to grow above its historical average rate.
neutral
forward looking
certain
2,014
138
of macroeconomic and financial information available at the time of the policy meeting.
irrelevant
not forward looking
certain
2,021
477
on the other hand, the us federal reserve, bank of england and bank negara malaysia maintained their respective key policy interest rates as they continue to assess the impact of previous monetary policy adjustments.
neutral
not forward looking
certain
2,023
54
a prudent pause also allows monetary authorities to further assess how macroeconomic and financial conditions will evolve in view of tighter global financial conditions.
neutral
forward looking
certain
2,023
24
manufacturing conditions were broadly steady in the philippines and in vietnam.
neutral
not forward looking
certain
2,020
427
interest rate developments - during the 13 august 2007 auction, t-bill rates increased across all tenors, as t-bill offerings faced competition from other investment facilities available in the market (e.g.
hawkish
not forward looking
certain
2,007
774
the increase in npc’s power rates was partly offset by the reduction in wholesale electricity and spot market charges and independent power producers’ rates.
neutral
not forward looking
certain
2,013
925
meanwhile, potential adjustments in electricity rates given pending petitions and the impact of stronger-thanexpected el niño conditions are seen as the key upside risks to inflation.
hawkish
forward looking
certain
2,015
107
do the risks to the inflation outlook warrant an increase in policy rates in order to contain a possible build-up in price pressures?
hawkish
forward looking
uncertain
2,003
297
meanwhile, output indicators in the asean region deteriorated.
dovish
not forward looking
certain
2,021
143
- the risks around the central projection for world economic activity remained skewed towards the downside, suggesting some downside risks as well to global commodity prices.
dovish
forward looking
uncertain
2,009
153
given the relatively small share of water to the cpi basket of 0.7 percent, the proposed increase in water rates was estimated to result in an increase in the cpi inflation by 0.1 percentage point in 2003.
hawkish
forward looking
certain
2,002
759
all these factors underlie the bsp’s expectations that average inflation in 2003 would be broadly in line with the government’s full-year target of 4.5–5.5 percent.
neutral
forward looking
certain
2,003
640
the steady decline in the rp 91-day t-bill rates resulted into a narrowing of the rp-us interest rate differential in december.
dovish
not forward looking
certain
2,002
818
results of the q2 2010 consumer expectations survey increases in the prices of goods and services over the next twelve months.
hawkish
forward looking
certain
2,010
20
for example, approved building construction permits, an indicator of construction activity, increased by 25.1 percent in the second quarter compared to a year earlier.
hawkish
not forward looking
certain
2,002
548
the country’s top import, electronic products, surged - the near-term outlook for agriculture, particularly for _palay production,_ remains favorable.
neutral
forward looking
uncertain
2,006
284
the slide in the prices of oils/fats reflected ample supply combined with weak world import demand.
dovish
not forward looking
certain
2,012
638
- further stimulus measures from central banks across the globe—particularly in the euro area, japan, and china—helped support investor sentiment.
dovish
not forward looking
certain
2,016
394
- for the first week of december 2020, the peso appreciated against the us dollar amid market optimism over news of progress in the development of a vaccine against covid-19 as well as the release of lower-than-expected philippine unemployment data for october 2020.
dovish
not forward looking
certain
2,020
425
during the 5 november auction, the auction committee made a full award of p1.5 billion and p2.0 billion worth of t-bills for the 91-day and 182-day tenors, but rejected in full the bids for the p2.5 billion worth of 364-day t-bills.
neutral
not forward looking
certain
2,007
347
the depreciation of the peso was in line with the movements of the korean won and indian rupee, which depreciated by 6.6 percent and 8.5 percent, respectively, vis-à-vis the us dollar relative to their end-2007 closing levels.
hawkish
not forward looking
certain
2,008
57
higher-thanassumed increase in transport fares and wages, low power reserves and a possible surge in global commodity prices as recovery creates supply bottlenecks, also pose additional upside risks to the inflation outlook.
hawkish
forward looking
certain
2,010
182
the highlights of the discussions during the 6 february 2020 monetary policy meeting were approved by the monetary board during its regular meeting held on 27 february 2020.
irrelevant
not forward looking
certain
2,020
974
appreciation against the us dollar due mainly to the sustained inflows of remittances from overseas filipino workers, participation of foreign investors in the initial public offerings of two companies, stronger regional currencies, exporter dollar sales and the favorable reaction to the passage of modifications to the value added tax.
dovish
not forward looking
certain
2,005
757
- the uptick in inflation was due mainly to the increase in the inflation rates of specific food items—notably fruits and vegetables, rice, and meat.
hawkish
not forward looking
certain
2,009
183
according to pagasa’s latest climate outlook as of 22 november 2023, strong el niño is present and may further strengthen toward end-2023 and early part of addition, most climate models predict that current el niño episode will likely persist until q2 2024.
neutral
forward looking
certain
2,023
319
target range for the federal funds rate at 5.25 - 5.50 percent to keep financial conditions sufficiently tight and bring inflation back toward the fed’s 2 percent objective.
hawkish
forward looking
certain
2,024
835