Following the 12.0-percent rebound in the second quarter, our third-quarter growth rate of 7.1 percent was among the highest in the ASEAN. The nascent economic recovery is being supported by positive developments on the monetary, external and banking fronts. Inflation is decelerating as food prices decline.
Looking ahead, inflation could settle above the 2 to 4 percent target range this year but is expected to revert to our target range in 2022 and 2023. The BSP will continue to closely monitor all risks to future inflation. We will remain vigilant against the emergence of second round effects and any possible unhinging of inflation expectations.