*** To Paramita Dasgupta [of the International Finance Corporation], Maria Lourdes Jocelyn Pineda [of the Open Finance Oversight Committee–Transition Group], fellow members of the Monetary Board, friends from the banking industry, and colleagues, good morning. Thank you for joining us in this event, themed "Philippine Financial Sector Resilience Strategy: Open Finance-Driving Digitalization and Cybersecurity."
If the oil price continues to escalate, second-round effects of price rises could become more prominent, thus leading to a further acceleration in global inflation. However, the short- to medium term global inflation outlook remains positive, particularly in view of the fact that inflationary expectations remain somewhat well anchored and output gaps in most countries are not subject to undue pressure.