For example, many surgical procedures that used to require an overnight stay in a hospital now can be performed on an outpatient basis, and the producer price index and consumer price index are now better able to measure the price decline associated with that change.
Last month, the BSP’s Monetary Board maintained the key policy rate at 2.0 percent. Accommodative monetary policy, together with fiscal initiatives, should quicken the economy’s recovery. Looking ahead, we see solid rebound in 2021.