The Philippine economy’s recovery momentum slowed in the second quarter amid high inflation, but the government is confident this year’s growth target remains achievable, giving the central bank leeway to further tighten policy to curb price pressures.

The Southeast Asian country’s gross domestic product (PHGDP=ECI) was 7.4% higher in the June quarter than a year earlier, growing more slowly than the downwardly revised 8.2% annual rate seen in the previous quarter and the median 8.6% forecast in a Reuters poll.

Source: Reuters