DBCC keeps Inflation targets

Posted at 04/21/2014 5:47 PM | Updated as of 04/21/2014 5:47 PM

MANILA, Philippines - The Development Budget Coordination Committee (DBCC) is keeping its inflation targets for this year through 2016.

In a statement, the Bangko Sentral ng Pilipinas said the DBCC maintained inflation targets at 3 to 5% for this year.

"Based on the most recent assessment of current inflation developments, evolving economic and financial trends as well as indicators of the public's inflation expectations and the BSP's emerging forecasts, the current target for 2014 of the government remains appropriate for the Philippine economy," the BSP said.

The government also kept inflation targets at 2 to 4% for both 2015 and 2016.

"The government also decided to maintain the medium-term inflation target for 2015 - 2016 as it continues to be consistent with the country's current inflation dynamics and outlook for the next couple of years and the expected higher potential capacity under a low inflation environment," the BSP said.

Last year, the Philippine economy grew by 7.2%. Inflation averaged 3% , at the low-end of the 3-5% target in 2013.