The fiscal health of the Philippines has improved significantly over the past decade. Notwithstanding the dividends from reforms, challenges remain for the Philippines on the fiscal side. Policy coordination, primarily through the Development Budget Coordinating Committee, has helped to reduce...

Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences,...

Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

This paper analyses the extent and impact of globalisation in the Philippines in terms of trade, finance and migration. In the Philippines, trade globalisation and migration have been more prominent than financial globalisation. While empirical estimates show that globalisation has positively...

This paper discusses the role of inflation expectations in the inflation dynamics of the Philippines since its adoption of inflation targeting in 2002. It places a particular focus on the post-crisis period. A key finding is that agents have become more forwardlooking with the adoption of...

The Bangko Sentral ng Pilipinas (BSP) plays a key role in maintaining the financial system stability of the Philippines. While its primary objective is price stability, the BSP's clear monetary policy and financial stability frameworks have ensured that interactions between the two will remain...