Philippine cbank chief: Stands ready to take action vs inflation

MANILA (Reuters) - The Philippine central bank "stands ready to take the necessary policy actions" to combat inflation, its governor said on Wednesday ahead of a rate setting meeting on Aug. 18.

Bangko Sentral ng Pilipinas Governor Felipe Medalla, speaking at a forum organised by business journalists, also said current policy settings remain supportive of economic growth and that recovery has gained traction.

(Reporting by Neil Jerome Morales, Karen Lema and Enrico Dela Cruz)