Philippines Likely to Follow Fed on Rate Cut, Finance Chief Says

The Philippine central bank will likely take its cue on future monetary policy easing from the Federal Reserve, according to Finance Secretary Ralph Recto, who said the current key rate is “high enough.”

Recto said the Fed’s move will be key to the timing of the Bangko Sentral ng Pilipinas’s rate cut. “Are they going to start reducing rates? If they do, then possibly we can start reducing rates,” Recto, a member of BSP’s policy-making Monetary Board, told reporters in Manila on Thursday.