Eli Remolona Jr. —CONTRIBUTED PHOTO
MANILA, Philippines — Despite mounting inflation risks from renewed conflict in the Middle East and a hefty wage increase, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said there was “little chance” the central bank would respond with aggressive interest rate hikes.
Speaking to reporters on Tuesday, Remolona acknowledged that the twin shocks could fan inflation but said the central bank was refining its forecasting models to better account for heightened uncertainty as officials weigh their next policy moves.
READ: Remolona: PH economy can take fresh rate hike
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