Our objective this afternoon is to promote better understanding of the BSP’s policy actions and provide background on developments that have prompted our monetary policy decisions. Let me begin with our mandates. The BSP has three. Our primary mandate is to promote price stability conducive to a balanced and sustainable growth of the economy.
We are also tasked with maintaining financial stability and developing the payments system. Since 2002, the BSP has been committed to the inflation targeting framework. This calls for monetary policy decisions to be forward-looking and dependent on comprehensive and rigorous assessment of all relevant data and forecasts.