Bangko Sentral ng

Pilipinas: Monetary
Decisions
Joven Karl Malasig
 First Quarter
• The Gross Domestic Product (GDP) expanded by 8.3% in the first quarter of 2022 from a contraction
of 3.8% in the same period in 2021, according to the Philippine Statistics Authority (PSA).
• The real GDP (at constant 2018 prices) in the first quarter of 2022 valued at P4.62 trillion has already
exceeded the pre-pandemic GDP level of P4.46 trillion in the same period in 2019.
• Net Primary Income (NPI), comprised mainly of remittances from overseas Filipinos, accelerated by
103.2% in the first quarter of 2022 from a decline of 75.9% in the same period in 2021.
• Gross National Income (GNI) recovered and grew by 10.7% in the first quarter of 2022 from a 10.5%
contraction in the same period in 2021.
• Agriculture, forestry and fishing (AFF) rose by 0.2% in the first quarter of 2022 from a 1.3% decline
in the same period in 2021.
 First Quarter
• Industry (IND) posted the highest expansion among production sectors at
10.4% in the first quarter of 2022 from a 4.2% decline in the same period in
2021.
• Services (SERV) rebounded by 8.6% in the first quarter of 2022 from a 4%
contraction in the same period in 2021.
• All eleven sub-sectors grew in the reference period, with three of them,
transportation and storage (26.5%), other services (22.3%), and
accommodation and food service activities (21%) posting double-digit rates.
 Second Quarter
• The Gross Domestic Product (GDP) increased 7.4% year over year (YoY) in the second quarter of
2022, according to the Philippine Statistics Authority (PSA).
• Net primary income (NPI), comprised mainly of remittances from overseas Filipinos, bounced
back by 64.8% in the second quarter of 2022 from a contraction of 55.7% in the same period in
2021.
• Gross national income (GNI) further rose to 9.3% from 6.8%.
• The agriculture, forestry and fishing (AFF) sector rose by 0.2% in the second quarter of 2022 from
0.01% in the same period in 2021.
• The industry (IND) sector grew at a slower pace of 6.3% in the second quarter of 2022 compared
to the double-digit expansion of 21.3% in the same period in 2021.
 References:
• https://www.bsp.gov.ph/SitePages/PriceStability/MonetaryPolicyDecision.
aspx
• https://www.investopedia.com/terms/m/monetarypolicy.asp
• https://www.bsp.gov.ph/SitePages/PriceStability/PriceStability.aspx#:~:tex
t=Monetary%20Policy%20Decisions,-2022%20November%2016&text=T
he%20Monetary%20Board%20decided%20to,percent%2C%20effective%
2018%20November%202022
.
• https://cpbrd.congress.gov.ph/2012-06-30-13-06-51/2012-06-30-13-36-50/
1471-ff2022-34-first-quarter-2022-philippine-economic-performance
• https://cpbrd.congress.gov.ph/2012-06-30-13-06-51/2012-06-30-13-36-50/