Philippine minister says pause in rate rises likely at next bank meeting

Philippines Finance Secretary Benjamin Diokno said on Sunday he believed that the central bank was leaning toward a pause in interest rate rises at its next monetary policy meeting scheduled for May. | Reuters

MANILA – Philippines Finance Secretary Benjamin Diokno said on Sunday he believed that the central bank was leaning toward a pause in interest rate rises at its next monetary policy meeting scheduled for May.

“Non-monetary measures to ease inflation could address the problem more effectively”, including those already adopted by fiscal authorities, Diokno said in a statement.The Bangko Sentral ng Pilipinas’ decided on Thursday to continue fighting inflation with a rate increase, although at the slower pace of 25 basis points to 6.25 percent.

BSP Governor Felipe Medalla has said the central bank’s next policy decision move would depend largely on how consumer prices behave in the coming months.

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