MANILA, Aug 17 (Reuters) – The Philippine central bank governor said on Monday that inflation is expected to ease gradually over the medium term even as risks to consumer prices remain on the upside.
The central bank is prepared to take whatever steps are necessary to bring inflation back to within its target range, Bangko Sentral ng Pilipinas Governor Eli Remolona told lawmakers during a briefing on the 2027 national budget.Â
• The central bank’s monetary board will review policy on August 27.
• Inflation has averaged 5% in the first seven months of the year, above the central bank’s 2%-4% comfort range.
• Remolona and the country’s ministers in charge of the economy presented a proposed 2027 national budget of 7.2 trillion pesos ($116.98 billion) to lawmakers on Monday.
• Finance Minister Frederick Go said the government plans to borrow 3.3 trillion pesos ($53.68 billion) to help fund the budget.
($1 = 61.5480 Philippine pesos)
(Reporting by Mikhail Flores; Editing by John Mair)
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