MANILA - The Bangko Sentral ng Pilipinas on Thursday reassured the public that the country's economy remains "resilient" following 3 quarters of expansions for 2022.
Last. Nov. 10, the Philippine Statistics Authority reported that the third quarter gross domestic product (GDP) growth hit 7.6 percent in the third quarter.
“The robust expansion recorded for Q3 2022 places the Philippines in a strong position to meet its target GDP growth rate of 6.5 to 7.5 percent this year,” said BSP Governor Felipe M. Medalla.
“The favorable growth outcome shall also provide the BSP the flexibility to maneuver as it acts to bring inflation back to the target while helping the National Government steer the economy towards a durable recovery,” he added.
The latest GDP growth rate is the 6th consecutive quarter of expansion following the pandemic-induced contractions, the BSP said.
With strong growth in the first 3 quarters of the year, economic managers have said it is on track to meet the target growth of 6.5 to 7.5 percent for 2022.