Bangko Sentral ng Pilipinas Governor Eli Remolona said the low end of the government’s 2023 growth target range of 6
Remolona said in a meeting with a group of journalists Tuesday night the BSP shares the government’s optimism on meeting the growth target despite the slowdown in the second-quarter growth of 4.3 percent.
The National Economic and Development Authority estimated that the gross domestic product should grow by at least 6.6 percent in the second half to meet the lower range of the target. Economists said elevated inflation and interest rates were among the factors that contributed to slower growth in the second quarter. The BSP raised its overnight borrowing rate by a total of 425 basis points in the past two years to contain inflation.
Remolona said the BSP would remain data-dependent and provide forward guidance on its monetary stance as he ruled out any rate cut soon. He said, however, there is room to cut the reserve requirement of banks in the Philippines to make it at par with those of other ASEAN countries.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bangko Sentral retains credit card fees, interest rate cap at 3% a monthThis means that any credit card user, regardless of bank, will only be charged a maximum interest of 3% every month on their unpaid balance
Read more »
Globe is Most Consistent Fixed Broadband Provider in 31 locations across PHL for Q2 2023Leading digital solutions platform Globe has been recognized as the Most Consistent Fixed Broadband Provider in 31 locations across the country for the second quarter of the year, based on an analysis by Ookla® of Speedtest Intelligence® data, a global industry standard for benchmarking networks. Consistency reflects “a percentage of…
Read more »
ManilART 2023: 'A New Contemporary' 15th Anniversary Fair to showcase diverse range of artworksManilART announces its milestone 15th year with the theme “A New Contemporary.”
Read more »
LOOK: Celeste Cortesi dazzles as judge for Miss Universe Thailand 2023Celeste thanks the Miss Universe Thailand organization and Thai pageant fans
Read more »
DTI promotes early Christmas shopping at 2023 National Trade FairThe Department of Trade and Industry’s Bureau of Domestic Trade Promotion is organizing the 2023 National Trade Fair which will
Read more »
Philippine gaming revenues seen reaching up to $5.9 billion in 2023Gross gaming revenues in the Philippines are expected to reach $5.2 billion to $5.9 billion this year, surpassing the $4.84
Read more »