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Philippine finance secretary sees 'long pause' in rate hikes

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MANILA : Philippine Finance Secretary Benjamin Diokno said he expected the central bank, of which he is a policymaker, to take a 'long pause' in raising interest rates steady as inflation is expected to ebb.The bank held its key policy rate steady at 6.25 per cent for a second straight meeting on Thursday

MANILA : Philippine Finance Secretary Benjamin Diokno said he expected the central bank, of which he is a policymaker, to take a"long pause" in raising interest rates steady as inflation is expected to ebb."I think we will continue to maintain," Diokno told reporters on Friday."It will be a long pause. I don't see any cut until we really have that strong evidence of a decline" in inflation, Diokno said.

President Ferdinand Marcos Jr on Friday named board member Eli Remolona as governor of Bangko Sentral ng Pilipinas, replacing Felipe Medalla, who oversaw the central bank's most aggressive tightening in years.

 

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