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Philippine central bank chief slams 'behind the curve' claims

Governor says monetary policy hinged on inflation, not Fed

BSP Governor Nestor Espenilla says inflation targeting will continue to drive future monetary policy actions. (Photo by Mario Ignacio IV)

MANILA -- Future monetary policy actions will target inflation and not rely on the U.S. Federal Reserve for direction, Philippine central bank Gov. Nestor Espenilla told the Nikkei Asian Review on Monday. The governor defended its policy decision, with some market participants expecting the bank to follow the Fed's rate hike.  

In an interview, Espenilla also defended the Bangko Sentral ng Pilipinas' move on March 22 to keep its overnight lending rates unchanged at 3%. That same day, the Fed hiked its federal funds rate by 25 basis points, the first of at least three expected rate hikes in 2018.

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