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Philippine central bank says economy remains resilient

Copyfrom:Xinhua News agencyPost Time:2022-12-02 10:45:36

MANILA, Dec. 1 (Xinhua) -- The Philippine central bank on Thursday underscored the resilience of the country's economy after its gross domestic product (GDP) grew by 7.6 percent during the third quarter of 2022.

The robust expansion recorded for the third quarter "places the Philippines in a strong position to meet its target GDP growth rate of 6.5 to 7.5 percent this year," said Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla.

The latest GDP growth rate marks the sixth consecutive quarter of economic expansion after pandemic-triggered 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 added.

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

Medalla said the central bank stands ready to adjust its monetary policy settings and is reassured by the timely implementation of non-monetary interventions to address supply-side inflation pressures.

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