BSP ready to resume policy tightening if needed

The Philippine central bank is prepared to resume tightening monetary policy given that inflation remains a challenge, central bank officials said on Tuesday.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila said policymakers were determined to bring inflation, which slowed to 5.4% in June, back to the central bank’s 2%-4% target this year.

“The BSP remains ready to resume monetary tightening as warranted by the data on the inflation outlook,” Mr. Dakila told an economic briefing.

Separately, BSP Governor Eli M. Remolona told the same briefing inflation remains a challenge for the country.

The central bank, which has kept interest rates steady at 6.25% at its last two meetings, next meets on Aug. 17 to review policy. — Reuters