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Finance Secretary Benjamin Diokno is confident monetary authorities will consider the latest relevant information before deciding on whether or not to tweak the policy stance in the next Monetary Board meeting.
“The decision on policy rate is always based on the latest information. The next policy meeting is on Nov. 16. The third quarter GDP will also be announced in November. Then there will be another labor situation report,” Diokno said.“There is a slowdown globally… that is the consensus now. Then you look at the other countries… Who knows, maybe next time around inflation goes down… Let us not decide on just one observation,” Diokno said.
The policy-setting Monetary Board raises interest rates by a total of 425 basis points to rein in inflation before pausing in the last four meetings. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. earlier said a rate hike in November 2023 might not be the last one in its tightening cycle, given the persistent elevated inflation.
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