Connect with us

Hi, what are you looking for?

Economy

BSP looks to social media to gauge sentiment

THE CENTRAL BANK is considering analyzing internet articles and social media posts as a gauge of sentiment to boost policy making, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

The BSP’s economic research team is studying the use of text analytics to monitor uncertainties in financial markets, he said in a live-streamed briefing on Thursday.

“Integrating these indicators into economic surveillance allows for a comparative study of economic activities before and during the pandemic. This also enables multilevel analysis across major cities in the country,” Mr. Diokno said.

Policy uncertainty indexes are being developed by tracking down the frequency and combination of words over time, BSP Department of Economic Research Senior Director Zeno R. Abenoja said.

“The technique can also be used to scrape information and formulate indices from social media accounts. We look at possible indices on sentiment, again, also to gauge as a proxy for activity, even as we await the release of standard macroeconomic and financial variables,” Mr. Abenoja said.

“We hope that this will provide useful information to supplement and complement existing macroeconomic indicators as well as to further improve the traditional statistics that we generate for the Philippine economy,” he added.

The monetary authority has adopted mobility data from Google and Apple, Inc. in sectoral and growth analysis, said Mr. Diokno, who returned from medical leave.

While mobility indicators showed economic activity is still below pre-pandemic levels, the BSP chief said it has been “gradually closer to baseline” after dropping from March to April due to the lockdown.

“Mobility data offer much potential in providing inputs for policy making. Indeed, the adoption of these high-frequency indicators was particularly useful under the New Economy,” Mr. Diokno said.

Meanwhile, Mr. Diokno said they have requested the National Economic and Development Authority and the Philippine Statistics Authority to generate monthly unemployment data rather than quarterly data.

“Starting February, we will now have [monthly] data which to me is crucial for a developing country like us,” Mr. Diokno said.

The governor has earlier said they will remain accommodative by keeping benchmark rates low in the next quarters until the economy is back to its growth level of about 6.5% to 7.5% and unemployment is down to a 5% range.

The jobless rate in October stood at 8.7%, representing 3.813 million unemployed Filipinos. This already eased from the 10% unemployment rate in July and the record 17.6% in April. — Bloomberg with L.W.T.Noble

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

People walk inside the Marikina Public Market, July 28. — PHILIPPINE STAR/ MICHAEL VARCAS By Kyle Aristophere T. Atienza and Jenina P. Ibañez, Reporters...

Economy

By Kyle Aristophere T. Atienza and Beatrice M. Laforga, Reporters THE LAST TWO packages under the comprehensive tax reform program, as well as a...

Economy

THE BUREAU of the Treasury (BTr) has set a P200-billion borrowing program for August as it expects sustained demand for government securities. The BTr’s...

Economy

By Beatrice M. Laforga, Reporter THE Bureau of Internal Revenue (BIR) suspended a regulation that would have increased the corporate income tax for nonprofit...

Economy

THE World Bank (WB) and the Philippine government recently signed an agreement for the $280-million (P14-billion) additional financing for a rural development program that...

Economy

CEBU Landmasters, Inc. (CLI) is venturing into resort development as the listed Visayas-Mindanao property company disclosed on Wednesday a P2.5-billion project that will beef...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!