MANILA, June 23 (Reuters): The Philippines will borrow 2.46 trillion pesos (US$44.24 billion - RM206 billion) to fund its budget next year, Budget Secretary Amenah Pangandaman has announced.
Of the borrowings, 25% will come from overseas sources and 75% domestically, the Philippine Treasury said. ($1 = 55.61 Philippine pesos)
Philippine central bank governor Felipe Medalla meanwhile said monetary policymakers had done enough to tame inflation, in his clearest signal yet that the Bangko Sentral ng Pilipinas (BSP)was ending its most aggressive tightening cycle in years.
Medalla said the central bank's future policy decisions will largely be driven by inflation data, which current forecasts show is on track to settle back within the bank's 2%-4% target by the fourth quarter.
"There is little reason to raise, there is little reason to cut," Medalla told Bloomberg TV a day after the central bank kept rates steady for a second straight meeting.
Medalla, whose term is set to end in July, said he has not been approached by President Ferdinand Marcos Jr about a possible re-reappointment.
"I will not bet my salary that I will stay on. But it's really an honour to serve," Medalla said.
Medalla is completing the unfinished term of predecessor Benjamin Diokno, the current finance secretary. A decision on the next BSP governor is expected within days.
A strong majority of economists in a Reuters poll forecast rates will be held at 6.25% for the rest of the year as price pressures ease.- Reuters
