The Philippine central bank sees risks to the inflation outlook leaning heavily to the upside, a member of its policymaking monetary board said on Thursday.

Monetary Board Member Romeo Bernardo, speaking at an economic forum, also said inflation was seen at 6.2% in 2023 and 4.7% in 2024, based on the central bank's 'risk-adjusted' forecasts. Both were outside the central bank's 2%-4% comfort range.

The central bank, which next meets on Nov. 16, said this week it was prepared to take further policy action to keep inflation from getting out of hand. It raised the policy rate 25 basis points to 6.5% in an off-cycle move on Oct. 26.

The impact of higher interest rates on growth would likely peak in the second half of next year, Bernardo said.

Gross domestic product (GDP) grew by 5.9% in the third quarter from last year, surpassing the 4.7% forecast in a Reuters poll, helped by a turnaround in government spending offsetting a slowdown in household consumption.


(Reporting by Mikha Flores and Neil Jerome Morales; Editing by Kanupriya Kapoor)