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

MANILA – 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)