Philippine Central Bank Signals Series of Modest Rate Hikes

The Philippine central bank will likely deliver a series of modest increases in its benchmark interest rate to rein in inflation spurred by the global oil shock, according to Governor Eli Remolona.

“We will do what’s necessary to contain inflation, and at the moment, that seems like a succession of modest rate hikes,” Remolona said in an interview with Bloomberg Television’s David Ingles and Yvonne Man on Friday.