The country's strong economic performance in the third quarter, with GDP growth of 7.6 percent, makes it better positioned to achieve its growth target for the year of 6.5 to 7.5 percent.
The robust expansion in the third quarter places the country in a strong position to meet its target growth rate of 6.5 to 7.5 percent this year.
Thus said Bangko Sentral Governor Felipe Medalla in a press release where he underscored the resilience of the Philippine economy after its gross domestic product (GDP) grew by 7.6 percent during the third quarter of 2022.
The latest GDP growth rate marks the sixth consecutive quarter of economic expansion after pandemic-induced contractions between Q1 2020 to Q1 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,” according to the Governor.
The BSP has raised 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.
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