The relatively benign inflation outlook in the policy horizon provides space for monetary policy adjustments to complement the national government’s efforts in mitigating the adverse impact of the COVID-19 public health crisis. Moreover, the BSP remains vigilant in monitoring domestic and international developments for any other emerging risks to the outlook for both inflation and economic activity.
4/6  BIS central bankers' speeches  Our experience with COVID-19 highlighted the increasing importance of digital transactions. The volume and value of the combined transactions of PESONet and InstaPay surged during the lockdown.