Philippines beginning to tame inflation, BSP governor says

May 27, 2024 - 2:06 PM
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A security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines April 28, 2016. (Reuters/Romeo Ranoco/File Photo)

 The Philippines is now beginning to tame inflation, central bank Governor Eli Remolona told an economic briefing on Monday.

Finance Secretary Ralph Recto told the briefing the government will continue bolstering growth by arresting inflation, which remains manageable and will hit the central bank’s target.

As inflation eases, domestic consumption will accelerate, Recto added.

Gross domestic product grew 5.7% in the first quarter from a year ago, lower than expected as consumer spending was weak.

The Philippines‘ inflation rose 3.8% in April from a year earlier, bringing year-to-date inflation to 3.4%, within the central bank’s 2% to 4% target for 2024.

—Reporting by Neil Jerome Morales and Mikhail Flores; Editing by Martin Petty and John Mair