Incoming Philippine central bank governor signals June rate rise

MANILA, May 30 (Bloomberg): Incoming Philippine central bank Governor Felipe Medalla signaled a possible interest-rate increase in June.

Medalla, who takes office from July 1, is on the "same page” as outgoing Governor Benjamin Diokno in agreeing that a rate hike is likely next month, he said in a text message response to a Bloomberg News query.

Bangko Sentral ng Pilipinas is likely to increase the key rate by another 25 basis points in the next policy meeting, Diokno said earlier this month.

Medalla, a member of the monetary policy board, will serve as central bank governor until mid-next year.

The Philippines in May joined global central banks in raising borrowing costs to fight inflation.

BSP is next scheduled to decide on the key rate on June 23.- Bloomberg

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