The House Committee on Ways and Means wants Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla to explain how the country can boost its reserves and ensure that tightening monetary policy will not stifle economic growth.
The House Committee on Ways and Means wants Bangko Sentral ng Pilipinas Governor Felipe M. Medalla to explain how the country can boost its reserves and ensure that tightening monetary policy will not stifle economic growth.
“Between 50 and 75, I’m inclined to say they’ll do 75. In any case, the House committee on Ways and Means will exercise its privilege and jurisdiction over monetary policy. We will meet with monetary policymakers, but it won’t be on-the-spot, so we don’t unduly pressure what should be an independent body,” Salceda said.
Salceda said traditionally, the country’s dollars came from tourism, business process outsourcing, Overseas Filipino workers, and freelancers who serve foreign clients. The BSP’s moves have brought the overnight reverse repurchase rate to 4.25 percent, the highest since 4.5 percent in June 2020.
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