Meanwhile, the BSP’s market-determined exchange rate system and macroprudential measures will continue to curb excessive foreign exchange volatility and help maintain order in the financial markets. The timing and conditions under which the BSP will unwind its pandemic interventions will continue to be guided by the inflation and growth outlook over the medium term and the risks surrounding such outlook.
With respect to goods, however, sales of passenger cars, electrical appliances, as well as sales at department stores and supermarkets have been below the previous year’s level since April, reflecting the continued effects of the consumption tax hike.