[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110574-en":3,"doc-seo-110574-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":20,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},110574,1099514068035,"Ezra","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","WBG Governor's Statement No. 11 - Statement by the Hon. Benjamin E. Diokno","WBG Governor's Statement No. 11 presents remarks by Benjamin E. Diokno on the Philippines’ policy response to compounding post-pandemic risks. It addresses inflation drivers from fuel and food supply constraints, targeted government support, and expectations for inflation and growth outcomes. The statement links climate change impacts to the need for swift, innovative action through GRID strategies, climate finance, and sustainable finance frameworks, while highlighting education recovery and human capital investment to reduce pandemic learning losses.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 11  \nOctober 14, 2022  \nStatement by the Hon. BENJAMIN E. DIOKNO, Governor of the Bank for THE PHILIPPINES  \nStatement by the Hon. Benjamin E. Diokno,  \nGovernor of the Bank for the Philippines  \nThe international community has gone a long way since the onslaught of the COVID-19 pandemic. More than two years later, we face new and serious threats to food security, energy security, climate change adaptation and mitigation, and post-pandemic learning recovery.  \nAlong with the rest of the world, the Philippines is confronted with rising inflation. High fuel prices owing to disruptions in oil supply, as a result of the Russia-Ukraine conflict, are the major source of inflation. Food items are the other drivers of inflation, resulting from limited supply due to inadequate domestic production and weather-related disturbances.  \nTo cushion the effects of inflation on the most vulnerable sectors of society, the Philippine government continues to extend direct targeted support such as fuel subsidies for public transport workers, fuel discounts for farmers and fisherfolk, and social pension for indigent senior citizens.  \nThe Philippine government is committed to investing in long-term solutions to manage inflation. We are implementing improvements to local food production, ensuring the timely importation of goods, improving distribution efficiency, ensuring adequate power supply, and carefully calibrating wage and transport fare hike adjustments.  \nWe expect inflation to remain elevated as long as world prices of oil remain high. Nevertheless, with our combination of fiscal and monetary policies, we are optimistic that the average inflation rate will be within our target of 4.5 percent to 5.5 percent for 2022. We also expect to grow by 6.5 to 7.5 percent this year.  \nMeanwhile, the impacts of climate change continue to worsen in virtually all continents. The Philippines, which experiences an average of 20 typhoons a year, bears the brunt of the ill effects of climate change and stands to suffer large damages in the long run.  \nDelayed and insufficient action will have harsh consequences. Our initiatives must be swift, effective, and innovative.  \nTo address these challenges, the Philippine government has integrated green, resilient, and inclusive development (GRID) strategies in our post-pandemic recovery plans.  \nThe Philippines adopted its first Nationally-Determined Contribution under the Paris Agreement. This aims to address climate change by reducing greenhouse gas emissions by 75 percent by 2030; adapting to the impacts of climate change; and mainstreaming gender and social inclusion into climate action.  \nAs we face ongoing challenges to our economic recovery and growth, mobilizing resources for climate action is crucial to achieve balance between sustainable climate action and economic growth. We cannot have one without the other.  \nTo this end, we advocate for climate finance as a blended approach of grants, investments, and subsidies that adopts a whole-of-society and whole-of-government approach.  \nThis requires the institutionalization of robust transparency and accountability mechanisms to ensure that recipient countries utilize the provided financing efficiently towards concrete climate action.  \nIn October 2021, the Philippines launched its first-ever Sustainable Finance Roadmap and Guiding Principles. These tackle the policy and regulatory gaps in promoting sustainable finance and aims to synergize public and private investments towards green projects. These are aligned with the ASEAN Standards for Green Bonds and EU Taxonomy.  \nThe Department of Finance, with the Bureau of the Treasury, established a Sustainable Finance Framework to guide how our government intends to raise Green, Social or Sustainability bonds, loans, and other debt instruments in the international capital markets.  \nOur Central Bank also issued a Sustainable Fin","cbCaineCkRsBry5R","https://ap.wps.com/l/cbCaineCkRsBry5R","pdf",250584,4,1,"English","en",105,"# Inflation and Economic Outlook\n## Targeted Support and Policy Measures\n# Climate Change and Green Development (GRID)\n## Nationally-Determined Contribution and Climate Finance\n## Sustainable Finance Roadmap and Frameworks\n# Capital Markets and Sustainable Bonds\n# Education Recovery and Human Capital Development","[{\"question\":\"What main inflation pressures does the Philippines face according to the statement?\",\"answer\":\"Rising inflation is driven primarily by high fuel prices linked to disruptions in oil supply from the Russia-Ukraine conflict, and by limited food supply caused by inadequate domestic production and weather-related disturbances.\"},{\"question\":\"How does the statement describe the Philippines’ approach to climate action after the pandemic?\",\"answer\":\"It highlights integrated green, resilient, and inclusive development (GRID) strategies, emphasizes swift and innovative initiatives, and supports climate finance through a blended approach of grants, investments, and subsidies.\"},{\"question\":\"What sustainable finance initiatives and instruments are mentioned?\",\"answer\":\"The statement references the Philippines’ Sustainable Finance Roadmap and Guiding Principles, a Sustainable Finance Framework for issuing green, social, and sustainability bonds and loans, and a Central Bank framework to integrate sustainability principles into governance and risk management. It also notes issuance of ESG global bonds and ASEAN-labeled sustainable bonds.\"}]","WBG Governor's Statement No. 11 - Statement by the Hon. Benjamin E. Diokno | PDF",1784486065,10,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"wbg-governors-statement-no-11-statement-by-the-hon-benjamin-e-diokno","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":20},"https://docshare.wps.com/document/wbg-governors-statement-no-11-statement-by-the-hon-benjamin-e-diokno/110574/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What main inflation pressures does the Philippines face according to the statement?","Question",{"text":75,"@type":76},"Rising inflation is driven primarily by high fuel prices linked to disruptions in oil supply from the Russia-Ukraine conflict, and by limited food supply caused by inadequate domestic production and weather-related disturbances.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How does the statement describe the Philippines’ approach to climate action after the pandemic?",{"text":80,"@type":76},"It highlights integrated green, resilient, and inclusive development (GRID) strategies, emphasizes swift and innovative initiatives, and supports climate finance through a blended approach of grants, investments, and subsidies.",{"name":82,"@type":73,"acceptedAnswer":83},"What sustainable finance initiatives and instruments are mentioned?",{"text":84,"@type":76},"The statement references the Philippines’ Sustainable Finance Roadmap and Guiding Principles, a Sustainable Finance Framework for issuing green, social, and sustainability bonds and loans, and a Central Bank framework to integrate sustainability principles into governance and risk management. It also notes issuance of ESG global bonds and ASEAN-labeled sustainable bonds.","https://schema.org",{"og:url":52,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":52},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,134],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":46,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":29,"doc_module":4,"doc_module_name":46,"category_name":132,"show_sort_weight":29,"slug":133},"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":46,"category_name":136,"show_sort_weight":106,"slug":137},19,"General","general"]