Finance Secretary Benjamin E. Diokno believes the Bangko Sentral ng Pilipinas (BSP) should not rush to raise interest rates in response to the recent action taken by the US Federal Reserve.
As a member of the BSP's Monetary Board, Diokno stressed the significance of thoroughly evaluating the effects of the recent adjustment made by the US Fed on the global and domestic economy.
“We have to monitor the indicators like inflation and what’s the impact of this recent adjustment on the global economic and domestic economy,” he added. In its June meeting, the BSP’s Monetary Board made the decision to halt its tightening cycle, maintaining the key rate at a level close to the highest it has been in 16 years, at 6.25 percent.
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