Philippine peso weakness unlikely to trigger BSP rate hike, report citing DOF chief says

April 25, 2024 - 3:53 PM
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A man counts a wad of Philippine Peso bills he received from a relative working abroad at a money remittance center in Makati City, Metro Manila, Philippines September 19, 2018. (Reuters/Eloisa Lopez)

MANILA — The Philippine peso’s PHP= weakness against the U.S. dollar will unlikely trigger a central bank rate hike, Finance Minister Ralph Recto said according to Bloomberg report.

Recto sits as the government’s sole representative to the central bank’s seven-person monetary board, which will next set rates on May 16. Recto did not immediately respond to a Reuters request for comment.

 

— Reporting by Neil Jerome Morales; Editing by Martin Petty