• The Philippine peso’s current slump is unlikely to prompt the central bank to raise its key interest rate from a 17-year high at this time, according to Finance Secretary Ralph Recto.
• The Bangko Sentral ng Pilipinas’ next policy move “will be dependent on inflation data,” Recto said in a mobile-phone reply to Bloomberg News. Asked if a rate hike is being considered as the local currency slipped to as low as 57.96 against the dollar on Thursday, Recto said: “For now, I don’t think so.”
• The peso fell to a fresh 17-month low against the dollar, staying past the closely watched 57-level for the second week as central banks grapple with the outlook of higher-for-longer US rates and tensions in the Middle East. Recto, one of seven members of the BSP’s monetary panel, is signaling patience, even after a resurgent dollar prompted its neighbor Indonesia on Wednesday to unexpectedly raise interest rate to defend its currency.