Philippines inflation remains an ‘urgent’ concern, says DOF chief

Newly-sworn Finance Secretary Ralph Recto answers questions from reporters at Malacañan Palace grounds in Manila City on Friday, Jan 12, 2024. INQUIRER.net/Ryan Leagogo

MANILA  – Philippine Finance Secretary Ralph Recto said on Wednesday 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.

READ: PH December inflation eases to 3.9%

Headline inflation in December returned to target at 3.9 percent, but average inflation for 2023 stood at 6 percent, well above the central bank’s 2 percent to 4 percent target.

The central bank kept its benchmark rate steady at 6.5 percent 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.