Philippines rate hikes to be “data driven”, says incoming central banker

At a recent media conference, incoming Bangko Sentral ng Pilipinas (BSP) governor, Felipe Medalla, stressed the bank’s focus on stabilising inflation, and does not rule out more aggressive policy tightening.

The BSP will continue to be a “credible, inflation-targetting central bank”, with future rate hikes to be discussed regularly, its new governor has said.

Addressing international media at a press conference in the week of his inauguration, Medalla told reporters that he “cannot rule out” rate hikes at every upcoming monetary board policy meeting this year, as some analysts have speculated. However, he stressed the bank would remain “data driven” in its policy decisions.

“The plan is a very gradual one, a lot of 25s 25 basis point increases. But another possibility is that, depending on the data, some of the 25s may become 50s,” he...

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