Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. the past week sent all the right signals concerning the Philippine economy’s prospects in the face of looming external threats. This is reassuring, but only if our leaders in other parts of the government follow the BSP’s lead in taking proactive and cooperative steps to maintain the country’s economic health.
In a press briefing on Monday, Espenilla detailed the relatively stable position of the economy in terms of fundamentals, policy direction, and buffers against external shocks: the country’s debt position is very good; the BSP has begun to act aggressively to curb inflation, and tax reform is progressing; underlying these stable indicators are the safety nets of abundant foreign reserves and a healthy banking system.
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