MANILA – The Philippine central bank wants inflation firmly settled near the middle of its 2.0%-4.0% target range, its governor said on Tuesday.

“We are hawkish, but less than before,” Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona told the Reuters Global Markets Forum.

Mr. Remolona said the central bank is happy where inflation is going, adding policymakers were more concerned about inflation than growth.

Annual inflation quickened for a fourth straight month in May to 3.9% from 3.8% the previous month, bringing the five-month average to 3.5%.

The central bank, which kept its benchmark rate steady at its last five meetings, will meet on June 27 to review policy. — Reuters