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Remolona: BSP unfazed by peso's drop vs dollar

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PHILIPPINE monetary officials could still start cutting key interest rates before the US Federal Reserve (Fed) despite possible exchange rate volatility, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. indicated.

PHILIPPINE monetary officials could still start cutting key interest rates before the US Federal Reserve despite possible exchange rate volatility, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. indicated.'We don't care that much when the Fed cuts,' the central bank chief told reporters late on Wednesday. 'We care more about our data.''We follow the Fed very closely and what they decide is one data point for us, one among many others,' he added.

'Latest BSP data showed the country's gross international reserves at $102.6 billion as of end-April, down from $104.1 billion a month earlier.This was said to represent 'a more than adequate external liquidity buffer equivalent to 7.6 months' worth of imports of goods and payments of services and primary income.'Remolona also said that a fresh rate hike was highly unlikely given the latest inflation outlook.

 

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