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Philippines' finance minister says no reason for rate hike

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MANILA : The Philippine central bank has no reason to raise interest rates further as domestic inflation is easing, the country's finance minister said ahead of a May 18 monetary policy meeting.Finance Secretary Benjamin Diokno reiterated his stance against a rate hike when he spoke to reporters. But he s

MANILA : The Philippine central bank has no reason to raise interest rates further as domestic inflation is easing, the country's finance minister said ahead of a May 18 monetary policy meeting.

"I'm for a pause, that's my opinion. Inflation is going down, huge reserves, the current account deficit has expanded but it's financially manageable and that's because of the improved economy, infrastructure spending," he said."So over all, there's no reason why we should increase the rates."

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