Philippines inflation remains an 'urgent' concern

MANILA: Philippine Finance Secretary Ralph Recto said on Wednesday (Jan 24) inflation remains a "most urgent concern" and must be kept at bay.

Recto, who took on the financial portfolio on Jan 15, is the government's representative to the central bank's seven-member policymaking monetary board, which will meet for the first time this year on Feb 15 to review the direction of policy rates.

Headline inflation in December returned to target at 3.9%, but average inflation for 2023 stood at 6.0%, well above the central bank's 2% to 4% target.

The central bank kept its benchmark rate steady at 6.5% in the final two meetings of last year, after hiking rates by a total of 450 basis points since May 2022 to rein in inflation. - Reuters