Economic bridges

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. calls on the Consular Corps of the Philippines to build ‘economic bridges’ that will address global fragmentation —as reflected in trade wars and trade disruptions – that adversely affect economic growth. Remolona says that trade disruptions resulting from the Russia-Ukraine conflict caused supply shocks that led to the highest global inflation rates in decades. To tame inflation, central banks around the world, such as the Bangko Sentral ng Pilipinas, had to raise interest rates.