BSP joins 2023 IMF-WBG spring meetings in Washington, D.C.

(From left to right) Philippine Delegation during the Philippine Economic Briefing (PEB); Governor Felipe M. Medalla with IMF Asia Pacific Director Krishna Srinavasan during the Asia Governor Talks; and Governor Medalla during the interview of Ms. Kathleen Hays of Bloomberg

The Bangko Sentral ng Pilipinas (BSP) delegation led by Governor Felipe M. Medalla attended the 2023 International Monetary Fund and World Bank Group (WBG) Spring Meetings in Washington, D.C. from 10-16 April 2023.

This year’s Spring Meetings centered on the theme, “Safeguard Economic Stability, Support Vulnerable Countries, Sustain Our Future Prosperity” which is the IMF Managing Director’s Global Policy Agenda. Managing Director Kristalina Georgieva underscored the importance of strong policy action, along with pragmatic approaches to find areas of common ground to respond to increasingly risky and uncertain global economic prospects.

Meanwhile, during the Asia Governors’ talk on the session titled “What sticky inflation means for monetary policy in Emerging Asia,” as featured speaker, the Governor shared his insights on how Asian policymakers can navigate through the challenges as inflationary pressures become more persistent and entrenched.

According to the Governor, the BSP will continue to engage in dialogue with multilateral organizations like the IMF to learn from other central banks, apply the lessons from their own experiences, and refine monetary policies and operations.

At the Philippine Economic Briefing, jointly led by the heads of the Department of Finance, BSP, Department of Budget and Management, and National Economic and Development Authority, the Governor presented the current economic situation, as well as the outlook on the Philippine economy.

The Governor highlighted that the BSP’s top priority is to manage inflation and help maintain the strength of the economy amid elevated price pressures and risk of a global economic slowdown.

Also part of the BSP delegation during the series of meetings were Monetary Board Member Antonio S. Abacan; Monetary and Economics Sector Deputy Governor Francisco G. Dakila, Jr.; Senior Assistant Governor Edna C. Villa of the Office of the Governor; International Monetary Affairs and Surveillance Sub-Sector Managing Director Thomas Benjamin B. Marcelo; and Strategic Communication Sub-Sector Managing Director Antonio Joselito G. Lambino II.