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BSP to remain supportive of growth until recovery underway

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The Philippine central bank’s monetary policy will remain supportive of the economy until recovery is “firmly underway”, its governor said on Thursday, while assuring markets it will clearly communicate is exit strategy from easy policy.

MANILA —

Inflation is forecast to remain manageable and that would allow the central bank to continue to provide monetary stimulus to the real sector, Diokno told a media briefing. The BSP kept interest rates at a record low of 2.0% for a fifth straight meeting on June 24, and economists believe the central bank would keep it at that level to ensure the economy, which was hit hard by pandemic-induced lockdowns, will bounce back.has been battling one of Asia’s worst and longest-running COVID-19 outbreaks. It lowered its economic growth targets for this year and next after a deeper-than-expected contraction in gross domestic product in the first quarter.

 

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