Philippine central bank ‘to start tightening cycle’

Governor Benjamin Diokno, who just last month said they may consider a rate hike in June, changed his tone last week and said they stood ready to adjust monetary policy settings if they saw signs of demand-driven inflation.

BENGALURU: The Philippine central bank will kick-off its tightening cycle tomorrow, much earlier than previously thought, joining peers around the world in a race to tighten monetary policy to tackle rising inflation, a Reuters poll found.

With economic growth in the South-East Asian nation at its fastest in nearly a decade and inflation at a more than three-year high, the Bangko Sentral ng Pilipinas (BSP) is under pressure to act now to prevent the economy from overheating.

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