it was due mainly to a further reduction in energy prices and also, in December, to a decline in the price increases in non-energy industrial goods. Taking a forward-looking perspective, the general environment continues to suggest that there are no significant upward or downward pressures on prices in the short term. Furthermore, the pattern of risks to price stability has remained broadly unchanged.
For our actions to mitigate the impact of COVID-19, we received the “Best Systemic and Prudential Regulator in Asia Pacific” award from the Asian Banker in October 2020. We also received the 2020 Gold Standard Award for Country and Trade Promotion for our efforts in ensuring that the international investment community sees a truthful and transparent picture of the Philippine economy.