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Friday, April 19, 2024

BSP: PHL may hit target GDP for the year

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THE Bangko Sentral ng Pilipinas underscored the resilience of the Philippine economy after its gross domestic product (GDP) grew by 7.6 percent during the third quarter of the year.

“The robust expansion recorded for the third quarter of 2022 places the Philippines in a strong position to meet its target GDP growth rate of 6.5 to 7.5 percent this year,” BSP Governor Felipe M. Medalla said.

The latest GDP growth rate marks the sixth consecutive quarter of economic expansion after pandemic-induced contractions between the first quarter of 2020 to the first quarter of 2021.

“The favorable growth outcome shall also provide the BSP the flexibility to maneuver as it acts to bring inflation back to the target while helping the national government steer the economy towards a durable recovery,” Medalla said.

The central bank has increased its benchmark interest rates by a cumulative 300 basis points since May 2022 to anchor inflation expectations amid price pressures stemming from local and global developments.

In line with its mandate of ensuring price and financial stability, the BSP stands ready to adjust its monetary policy settings and is reassured by the timely implementation of non-monetary interventions meant to address supply-side inflation pressures, it said.

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