Philippine Central Bank Expects Economic Growth to Miss Target
The Philippine central bank expects this year’s GDP growth to miss the government’s goal as economic activity moderates while it’s bringing inflation back to target.
The Philippine central bank expects this year’s GDP growth to miss the government’s goal as economic activity moderates while it’s bringing inflation back to target.
Bangko Sentral ng Pilipinas (BSP) chief Eli Remolona, Jr., speaking at a gathering with newspaper editors, said sudden policy changes were not advisable because “quick reversals in policy rates … create uncertainty”. The central bank has kept its benchmark interest rate steady at 6.25% for three straight meetings, after a series of hikes totalling 425 basis points since last year, as it balances the need to support growth while keeping inflation in check.
“Economic headwinds along with the impact of the cumulative monetary policy adjustments could result in GDP growth settling below the DBCC’s target of 6%-7% for 2023 and 6.5%-8.0% for 2024 and 2025,” the central bank said in its monetary policy report for August. DBCC is the target-setting body composed of finance, budget, economic planning and central bank officials.
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