Bangko Sentral

#BSPDiscussionPaper: This study examines whether Philippine fiscal policy is countercyclical and how the quality of institutions is associated with this policy’s response to economic cycles. The study analyzes fiscal reaction functions for balances, revenues, and spending, and uses local projections to examine how fiscal policy responds to changes in gross domestic product (GDP) forecasts.

Download here: bsp.gov.ph/Sites/research…

#MeetTheCentralBankers For Atty. Maria Icel L. Lacambacal, choosing a career in government was a deliberate decision: she wanted to be “part of the solution” and make a meaningful contribution to the lives of Filipinos.

A magna cum laude graduate of the University of the Philippines (UP) and a holder of a master’s degree in law, science, and technology from Stanford University, Icel grew up seeing the value of hard work and service through her parents. Her mother worked in the records division of the Philippine General Hospital, while her father was a typewriter technician.

After working at the Office of the Ombudsman, Icel joined the BSP, where she now works at the Payments Supervision and Licensing Department. She helps oversee payment system operators and implement policies that promote safe, efficient, affordable, and inclusive payment services.

Inspired by her mother’s example, Icel believes that being “part of the solution” means helping ensure that Filipinos, particularly the less privileged, have access to vital financial services.

#BSP #BSPUpdates

Sa Consumer Expectations Survey (CES) at Business Expectations Survey (BES), inaalam ng BSP ang kanilang pananaw at mga plano para sa mga susunod na buwan.

Bakit mahalaga ang mga impormasyong ito? Alamin sa Meaning in a Minute! 🎥

BSP Statement on the Inflation Forecast for October 2026
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The Bangko Sentral ng Pilipinas (BSP) welcomed the latest credit analysis by Moody's Ratings (Moody’s), which highlighted the Philippines' strong monetary policy framework, resilient banking system, and robust external buffers.

FULL STORY: bsp.gov.ph/SitePages/Medi…

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