Philippines central bank governor ready to raise rates by 50 basis points in August

MANILA, July 10 (Reuters): The Philippines central bank is prepared to raise its policy rates by 50 basis points at its meeting in August, and follow up with further policy actions to control inflation and counter currency depreciation, its governor has announced.

Governor Felipe Medalla said the Bangko Sentral ng Pilipinas (BSP) was paying close attention to "strong depreciation pressures" on the peso fueled by a hawkish tone from the US Federal Reserve, which if left unchecked, could fan inflation. "And because of this, the BSP is prepared to be more aggressive in raising its policy rate," Medalla told reporters in a phone message.