The Bangko Sentral ng Pilipinas (BSP) 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 robust expansion recorded for Q3 2022 places the Philippines in a strong position to meet its target GDP growth rate of 6.5 to 7.5 percent this year,” said BSP Governor Felipe M. Medalla.
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 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.