BSP focusing on inflation; exchange rate not a problem

The Philippine central bank can focus on fighting inflation as the peso is not a problem, its governor said on Friday.

Robust foreign exchange inflows are supporting the peso, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said in a speech at a thrift bankers’ event.

The BSP will do everything in its power to bring inflation below 4% next year, he said.

The central bank expects inflation to average 6.0% in 2023 and 2.9% in 2024. — Reuters