NEW YORK -- The U.S. Federal Reserve's interest rate cuts put pressure on emerging economies to loosen monetary policy or else face an influx of capital that drives up their currencies, the chief of the Philippines' central bank recently told Nikkei.
The Fed's moves nevertheless do not dictate the bank's policy but are just one factor among many, including inflation, growth and manufacturing output, stressed Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas.
