Philippine central bank wants inflation firmly settled near target midpoint, governor says

THE Philippine central bank wants inflation firmly settled near the middle of its 2.0 to 4.0 per cent target range, its governor said on Tuesday.

“We are hawkish, but less than before,” Governor Eli Remolona told the Reuters Global Markets Forum.

Remolona said the central bank is happy where inflation is going, adding policymakers were more concerned about inflation than growth.

Annual inflation quickened for a fourth straight month in May to 3.9 per cent from 3.8 per cent the previous month, bringing the five-month average to 3.5 per cent.

The central bank, which kept its benchmark rate steady at its last five meetings, will meet on June 27 to review policy. REUTERS