Philippines Finance Minister says economy robust enough to absorb aggressive rate hike

By:

Published: Jul 14, 2022, 05:07 UTC

MANILA (Reuters) - The Philippine economy continues to be robust to absorb the 75 basis points increase in the central bank's benchmark interest rates, given an expansion in economic activity early this year,

An aerial view shows the Ortigas business district in Pasig City

MANILA (Reuters) – The Philippine economy continues to be robust to absorb the 75 basis points increase in the central bank’s benchmark interest rates, given an expansion in economic activity early this year,

the finance minister said on Thursday.

“The growth outlook is seen to be supported by the maintenance of loosened quarantine restrictions as well as the positive impact of structural reforms,” Benjamin Diokno said in a statement following the central bank’s surprise move.

(Reporting by Enrico Dela Cruz; Editing by Martin Petty)

About the Author

Reuterscontributor

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: