The Bangko Sentral ng Pilipinas (BSP) notes the 11.8 percent growth of the country’s Gross Domestic Product (GDP) in the second quarter of 2021. This is the highest year-on-year growth since the fourth quarter of 1988, when the Philippines recorded a 12 percent growth rate.
With a manageable inflation outlook, the BSP continues to prioritize the use of monetary policy space to provide support to economic activity amid the pandemic.
The accommodative monetary policy and liquidity-enhancing measures of the BSP continue to provide favorable credit conditions and the orderly functioning of the government securities market.
The monetary policy stance remains important in keeping the Philippine economy on the path towards sustainable recovery. In line with this, the BSP is keen on sustaining monetary policy support for as long as necessary in order to help the economic recovery gain more traction.
The BSP also continues to support the “whole-of-government” approach in addressing the pandemic.
Looking ahead, the BSP shall remain vigilant to ensure that policy responses will neither lead to excessive inflation nor trigger financial stability risks, especially as economic recovery gets underway.
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Press release from the Investor Relations Office (IRO), Bangko Sentral ng Pilipinas
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