The most significant of these factors is the speed and degree of normalization of monetary policies in advanced economies and how these would impact their own growth prospects. Geopolitical risks that could impact trade and prices of international commodities add to our list of challenges.
On the domestic front, as I mentioned near the top of my remarks, the risks that tilt future inflation to the upside are mainly weather and supply side-related, as well as those stemming from volatilities in the financial markets. The BSP has acted pre-emptively to ward off these inflation threats through calibrated tightening of policy stance.