Central Banks
Recto Sees Philippine Rate-Cut Delay Risk If Peso Down to 59
- Economy may still grow 6% to 7% this year, finance chief says
- Government to tap international debt markets this year
The Philippines trimmed economic growth forecasts for this year and next amid stubborn inflation and elevated interest rates, while widening its fiscal deficit estimates to support higher spending.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Philippine Finance Secretary Ralph Recto cautioned that his nation may see a delay in interest-rate cuts should the peso weaken past the record low of 59 per dollar, though that wouldn’t damage the economic growth outlook.
“Even if we hold off in reducing interest rates, we expect the Philippine economy to still grow between 6% to 7% this year,” Recto said in an interview Friday with Bloomberg Television in Washington, where he was attending spring meetings of the International Monetary Fund and World Bank.