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Incoming Philippine c.bank governor sees no reason to rush rate hikes
By Reuters
MANILA, May 26 (Reuters) – The Philippine central bank has room to tighten monetary policy but there is no reason to rush raising interest rates PHCBIR=ECI with inflation mainly driven by higher cost of imports, its incoming governor told Reuters on Thursday.
Felipe Medalla was named by President-elect Ferdinand Marcos on Thursday as the next chief of the central bank, just as it kicked off its monetary tightening cycle this month to confront rising prices.
Medalla, a member of the bank’s monetary board, starts work as governor from July 1 and said the hike in interest rates can be good news because it signals “growth is already on solid footing.”
(Reporting by Karen Lema; Editing by Martin Petty)
((karen.lema@thomsonreuters.com; +632 841-8938;))
This article originally appeared on reuters.com