MANILA – The Philippine economy expanded less than expected in the second quarter, but at pace still in line with the official 2022 growth target, giving the central bank leeway to further tighten monetary policy to curb red-hot inflation.
It was the slowest growth in three quarters but the second-fastest so far in Asia for the second quarter, Economic Planning Secretary Arsenio Balisacan said. It has raised interest rates by a total 125 basis points since the start of the year to tame inflation, which soared to its fastest pace in nearly four years in July.
He said the country’s economic recovery remained strong, with the second-quarter performance in line with this year’s growth target for full-year GDP of 6.5% to 7.5%.
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