Philippine central bank’s main concern is inflation – governor

MANILA (Reuters) – The Philippine central bank’s primary concern is inflation, its governor told CNBC Asia TV on Friday.

Interest rate hikes were meant to increase the chances of a lower than 4% year-on-year inflation by the end of 2023, said Bangko Sentral ng PIlipinas Governor Felipe Medalla, a day after raising benchmark rates by 50 basis points.

(Reporting by Neil Jerome Morales; Editing by Ed Davies)