One of the lessons of the successes of globalization (and also of the failures, which have not been lacking, especially in Sub-Saharan Africa) is the role of good institutions: ensuring legal certainty, efficient justice and honest and effective administration is essential for the development of the economy in general.
Likewise, institutions such as the ADB and the IMF are projecting that inflation for 2019 and 2020 will be within the government’s target range for this year and the next. On June 20, the Monetary Board deemed it appropriate to maintain its monetary policy settings unchanged following the 25-basis point cut in the BSP policy rate in May 2019.