No more monthly inflation forecasts from central bank

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. will not be issuing monthly inflation forecasts under his term.

Instead, the BSP will focus on a long-term inflation path.

"Our focus is on the inflation path two years ahead," Espenilla said.

"We do monthly forecasts all the way to two years ahead. We will continue to provide the public our one to two years ahead inflation forecasts, regularly updated, so they are properly guided in their decisions," the BSP chief told GMA News Online.

"I'm not inclined to give July forecast. That's not BSP policy focus," he said in a separate text message to reporters.

Espenilla succeeded Amando M. Tetangco Jr. as BSP Governor on July 2. The latter came out with monthly inflation forecasts during his term.

The central bank governor said that the focus of BSP's monetary policy is "forward looking" and "not the past."

In its policy meeting in June, the policy-setting Monetary Board said it expects inflation to settle at 3.1 percent for 2017.

The board sees inflation slowing to 3 percent on average in 2018 and 2019.

The Philippine Statistics Authority is scheduled to release inflation data for July on August 4. — VDS, GMA News