“Subuh Macam Jumaat” Campaign Draws Over 800 CongregantsBSP Maintains Policy Rates Amidst Ongoing Supply Shocks and Inflation Trends

KAMPUNG MANGGI/MADANG — The “Subuh Macam Jumaat” campaign, held at the Suri Seri Begawan Raja Pengiran Anak Damit Mosque, attracted more than eight hundred congregants. The campaign included a tazkirah, focusing on the enhancement of individual goodness and the development of Islamic virtues.

According to Radio Television Brunei, The campaign, driven by the Brunei “Subuh Macam Jumaat” Gang community, has garnered responses from over two thousand people since its inception earlier this month. It emphasizes the importance of increasing religious practices during the month of Rajab to get closer to Allah Subhanahu Wata’ala.

TAGAYTAY: The Bangko Sentral ng Pilipinas (BSP) has decided to maintain its policy rates during the first half of 2024, citing ongoing supply shocks and the current trajectory of headline inflation. This announcement came from BSP Governor Eli Remolona Jr. during a media information session held on Saturday.

According to Philippines News Agency, the BSP is cautious about easing policy rates despite the recent decrease in headline inflation. The central bank’s latest decision was to keep the policy rates steady at 6.5 percent, a stance influenced by global monetary trends and the actions of other central banks, particularly the Federal Reserve. Remolona highlighted the central bank’s focus on the data, stating that although the inflation trend is positive, easing policy rates in the near term is unlikely due to persisting supply shocks.

The Philippines has experienced a significant decrease in inflation, with a drop from 8.7 percent in January 2023 to 3.9 percent in December of the same year. However, BSP’s baseline forecast indicates that inflation may remain at the higher end of the central bank’s 2 to 4 percent target range for 2024, potentially reaching around 4 to 4.2 percent.

Factors such as the importation of rice and the El Niño phenomenon, which the Philippine Atmospheric, Geophysical and Astronomical Services Administration warned could last until the second quarter of 2024, are contributing to the uncertainty surrounding the inflation outlook. Remolona emphasized the importance of supply shocks, not only for their immediate impact but also for their secondary effects, which can influence prices in services, wages, and transport fares.

In conclusion, while the BSP acknowledges the improvement in inflation rates, concerns over supply shocks and their broader economic implications are leading the central bank to adopt a cautious approach to monetary policy adjustments for the foreseeable future.