President Ferdinand Marcos Jr. said the government will raise interest rates to keep inflation in check, a policy that is likely to raise the cost of borrowing. READ:
President Ferdinand Marcos Jr. said the government will raise interest rates to keep inflation in check, a policy that is likely to raise the cost of borrowing.President Ferdinand Marcos Jr. convenes members of the economic Cabinet cluster with a focus on addressing the increase in prices caused by inflation.
Economic Planning Secretary Arsenio Balisacan said developments in the global economy, such as Russia’s invasion of Ukraine, have had a global impact on prices. The Bangko Sentral ng Pilipinas said it could raise the benchmark interest rate by another 50 basis points in its next policy meeting to rein in inflation and support the peso from further depreciating against the US dollar.
After all, during those times, the Fed was saying, ‘Inflation is transitory. Inflation is not going to be very high.’ It turns out, this outlook was wrong,” he said during the annual reception for the banking community.In July, the Monetary Board surprised the market by raising the benchmark policy interest rate by 75 basis points to 3.25 percent, to rein in inflation and support the peso against the US dollar.
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