Therefore, let me say that the BSP is considering strong follow-through monetary adjustment at the next meeting of the Monetary Board in August. The pace and magnitude of policy tightening will necessarily be dependent on our comprehensive and rigorous assessment of all relevant data and forecasts. This is consistent with our long-standing disciplined approach to inflation targeting.
We stand by our primary mandate of promoting price stability conducive to a balanced and sustainable growth of the economy. In a moment, we will provide you with a more detailed discussion of the factors behind the Monetary Board’s recent decisions and its assessment of price and output conditions.