Philippine Central Bank Weighs Off-Cycle Interest Rate Hike
Governor Eli Remolona stated the central bank may raise rates before the June meeting to address supply shocks. The move follows a recent hike to 4.50 percent in April.
Xurve View
Insights:
Xurve View
Philippines central bank Governor Eli Remolona is considering an off-cycle interest rate hike before the scheduled June 18 policy meeting. The move follows a 25-basis-point increase to 4.50% in April that Remolona said was insufficient to curb inflation. Investors face heightened volatility as the peso fell 4.6% against the dollar, breaching the 60-peso psychological level.
Remolona told One News on Friday that policymakers face a persistent supply shock. The central bank is weighing whether to act immediately or wait for the regular session.
