菲律宾央行（BSP）：菲律宾货币政策报告，2024年2月.docx

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Foreword

Theprimaryobjectiveofmonetarypolicyistopromotealowandstablerateof

inflationconducivetoabalancedandsustainableeconomicgrowth.TheadoptioninJanuary2002oftheinflationtargetingframeworkformonetarypolicysought

tohelpfulfillthisobjective.

Oneofthekeyfeaturesofinflationtargetingisgreatertransparency,whichmeansgreaterdisclosureandcommunicationbytheBangkoSentralngPilipinas(BSP)ofitspolicyactionsanddecisions.TheMonetaryPolicyReportorMPRplaysa

primarypartintheBSP’stransparencymechanismsunderinflationtargeting.It

shareswithstakeholders,includingmarketcounterparties,thelatestassessmentofthestanceofmonetarypolicybasedonananalysisofeconomicandfinancial

prospects.Thebroadaimistocontributetomakingmonetarypolicyaccessibletothepublic,whothroughthereportmaybetterunderstandandmonitortheBSP’s

commitmenttotheinflationtarget,promotetheanchoringofinflationexpectations,andencourageinformeddebateonmonetarypolicyissues.

TheMPR,whichreplacedthequarterlyInflationReport,istheflagshipBSP

publicationonmonetarypolicythatprovidesthepublicadetailedviewoftheBSP’sforecastsandguidanceonthelikelydirectionofmonetarypolicyoverthenexttwoyears.ThereportconveystothepublictheoverallthinkingbehindtheBSP’sdecisionsonmonetarypolicy.Thegreaterpartofthereportisdevotedtoforward-lookingdiscussionsoninflationandthekeymacroeconomicvariablesthataffectinflationaswellastherisksanduncertaintysurroundingtheBSP’sinflationforecasts.

Undertheinflationtargetingframework,thegovernment’sannualheadline

inflationtargethasbeenretainedat3.0percent±1.0percentagepoint(ppt)for

2024–2028bytheDevelopmentBudgetCoordinationCommittee.Theinflation

targetrangecontinuestobeanappropriatequantitativerepresentationofthe

medium-termgoalofpricestabi