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Philippines’ finance minister says no reason for rate hike

Published May 14, 2023 02:48PM ET Updated May 14, 2023 02:56PM ET
© Reuters. FILE PHOTO: Philippine Finance Secretary Benjamin Diokno attends an economic briefing following President Ferdinand Marcos Jr’s first State of the Nation Address, in Pasay City, Metro Manila, Philippines, July 26, 2022. REUTERS/Lisa Marie David
MANILA (Reuters) – The Philippine central bank has no reason to raise interest rates further as domestic inflation is easing, the country’s finance minister said ahead of a May 18 monetary policy meeting.
Finance Secretary Benjamin Diokno reiterated his stance against a rate hike when he spoke to reporters. But he said he was just expressing his opinion and was only one of the seven monetary board members who will each vote during Thursday’s decision-making.

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