MANILA : The Philippines' finance minister said monetary authorities have room to pause on rate hikes in August despite a recent policy tightening by the U.S. Federal Reserve.
Diokno sits in the policy-making Monetary Board that will meet on Aug. 17 to set the central bank's benchmark rate that stands at 6.25 per cent following a total of 425 basis points hikes since May last year. Inflation is expected to return to within the central bank's 2 per cent to 4 per cent target range in the fourth quarter, Diokno said.
On Friday, Bangko Sentral ng Pilipinas Governor Eli Remolona said it is too soon to declare victory in the battle to curb consumer price pressures amid high core inflation and persistent upside risks.
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