“Keeping a comfortable differential between our policy rates and that of the U.S. lends support to the peso,” Medalla said.
Philippines central bank governor Felipe Medalla repeated on Friday he will vote to raise interest rates by 75 points at the monetary authority’s Nov. 17 meeting.
A rate increase would also help stem the peso’s decline against the dollar as it will prevent interest rate differentials between the United States and the Philippines from narrowing significantly, Medalla said in a recorded speech. The BSP’s Nov. 17 meeting comes after data on Thursday showed the Philippine economy grew 7.6% in the third quarter on an annual basis, and 2.9% on a quarterly basis, beating estimates, as domestic demand held up despite soaring inflation.
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