Philippine Finance Secretary: central bank has 'probably done enough' to tackle inflation | Inquirer Business

Philippine Finance Secretary: central bank has ‘probably done enough’ to tackle inflation

/ 01:17 PM April 04, 2023

MANILA  – The Bangko Sentral ng Pilipinas (BSP) has “probably done enough” to tackle inflation, the country’s finance secretary said on Tuesday, in comments that may add weight to expectations the central bank’s policy tightening cycle is nearing an end.

Finance Secretary Benjamin Diokno, who sits on the seven-man policy-making monetary board, said monetary policy was not the only game in town, and the government has non-monetary tools at its disposal to manage inflation.

Diokno’s remarks came ahead of Wednesday’s release of March inflation data, which according to the BSP likely eased to between 7.4 percent and 8.2 percent from 8.6 percent in February, but still above the government’s 2-4 percent inflation target for the year.


Diokno said the central bank’s March inflation estimate pointed to the likelihood that inflation in the country has already peaked.


He added, however, it was too early to assess the impact of the surprise output cut by oil producers on Philippine inflation.

The BSP last month hiked its benchmark interest rate further although at a slower pace of 25 basis points to 6.25 percent, and said its next policy move would depend largely on how consumer prices will behave in the coming months. It next meets on May 18.

The central bank governor did not immediately respond to a request for comment.


BSP seen holding off on further rate hikes

Philippine inflation likely eased below 8% in March, says BSP

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: economy, Inflation, Interest rates‎, Philippines

© Copyright 1997-2024 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.