MANILA (Reuters) – The Philippine central bank is ready to resume tightening monetary policy as inflation remains a challenge, a central bank official said on Tuesday.
Bank of the Philippines (BSP) Deputy Governor Francisco Dakila said policymakers are determined to bring inflation, which slowed to 5.4% in June, back to the central bank’s 2%-4% target for this year.
“Based on the inflation outlook data, the Philippine central bank remains poised to resume monetary tightening,” Dakila said in an economic briefing.
Separately, Philippine central bank governor Eli Remolona said in the same briefing that inflation remains a challenge for the country.
The central bank has held interest rates steady at 6.17% in the past two meetings, and will review policy at the next meeting in August 17.