Philippines central bank to ensure no unnecessary monetary tightening

THE Philippine central bank wants to make sure it does not unnecessarily tighten monetary policy, its governor said on Thursday (Jan 4).

The Philippines’ economic growth prospects remain firm and the banking system is in good shape, governor Eli Remolona said at a business event.

In December, the central bank kept its benchmark interest rate steady at 6.5 per cent for a second straight meeting after a series of tightening moves to rein in inflation, including an off-cycle hike in October.

Inflation eased to 4.1 per cent in November, bringing the year-to-date inflation to 6.2 per cent, still above the central bank’s target range of 2 to 4 per cent for 2023.

Inflation figures for December will be released on Friday. REUTERS