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Philippines has 'done enough' policy tightening, finance secretary says

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MANILA: Philippine Finance Secretary Benjamin Diokno believes the central bank has "done enough" policy tightening to tame inflation, but reiterated future interest rate moves would remain data dependent. Diokno's remarks echoed that of the country's economic planning minister, who on Friday said further r

FILE PHOTO: Philippine Finance Secretary Benjamin Diokno attends an economic briefing following President Ferdinand Marcos Jr's first State of the Nation Address, in Pasay City, Metro Manila, Philippines, July 26, 2022. REUTERS/Lisa Marie David/File PhotoMANILA: Philippine Finance Secretary Benjamin Diokno believes the central bank has"done enough" policy tightening to tame inflation, but reiterated future interest rate moves would remain data dependent.

The annual inflation rate quickened for a second month in September to 6.1 per cent, bringing the year-to-date average rate to 6.6 per cent, far from the central bank's 2 per cent-4 per cent target for the year. "We have done enough," said Diokno, who is a member of the central bank's seven-member policy making monetary board, during a news conference on Friday for release on Monday."Core inflation has gone down."

It next meets on Nov 16 to review policy, after the Philippines releases its third quarter growth data on Nov 9.

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Philippines has 'done enough' policy tightening, finance secretary saysMANILA: Philippine Finance Secretary Benjamin Diokno believes the central bank has "done enough" policy tightening to tame inflation, but reiterated future interest rate moves would remain data dependent. Diokno's remarks echoed that of the country's economic planning minister, who on Friday said further r
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