Peso Fall Won’t Spur Philippine Rate Hike Yet, Finance Head Says
- Peso fell to its lowest level vs the dollar since Nov. 2022
- Economic planning chief says rate hikes could crimp growth
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The Philippine peso’s current slump is unlikely to prompt the central bank to raise its key interest rate from a 17-year high at this time, according to Finance Secretary Ralph Recto.
The Bangko Sentral ng Pilipinas’ next policy move “will be dependent on inflation data,” Recto said in a mobile-phone reply to Bloomberg News. Asked if a rate hike is being considered as the local currency slipped to as low as 57.96 against the dollar on Thursday, Recto said: “For now, I don’t think so.”