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Manila Bulletin devider Business devider Balisacan opposes interest rate hike

Balisacan opposes interest rate hike

NEDA chief warns that such action will harm consumers

Published Oct 6, 2023 06:17 am

At A Glance

  • National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan says he does not support the increase of interest rates, noting that it could hurt consumers amid high inflation.<br>In September, the headline inflation in the country was 6.1 percent, surpassing the 5.3 percent in August but remained lower than the 6.9 percent recorded in the same month last year.<br>Asked if the economy could handle more rate hikes, Balisacan said that it could but it is unnecessary.

The National Economic and Development Authority (NEDA) does not support the increase of interest rates, noting that it could hurt consumers amid high inflation.

“If I were in the Monetary Board, I would say no. We have been the most aggressive in the region in raising interest rates,” NEDA Secretary Arsenio M. Balisacan said in a briefing on Friday, Oct. 6.

“That also has long-term effects, the effect of the interest increase succeeding for about 12 months,” he added.

In September, the headline inflation in the country was 6.1 percent, surpassing the 5.3 percent in August but remained lower than the 6.9 percent recorded in the same month last year.

It brought the year-to-date average inflation to 6.6 percent, which is outside the central bank's 2 percent to 4 percent target for the year.

Though not being part of the central bank’s policy-making monetary board, Balisacan said that raising interest rates "can hurt" the economy and consumers.

When asked if the economy could handle more rate hikes, Balisacan said that it could but it is unnecessary.

“There's no urgency in creating another round of higher interest rate. Higher interest rate will put us quite away from our peers in the region,” he further said.

The central bank earlier said that it is ready to resume tightening monetary policy following the increase of inflation rate due to food prices.

The Bangko Sentral ng Pilipinas (BSP) had raised its key policy rates since May last year, which now stands at 6.25 percent, the highest in nearly 16 years.

Related Tags

interest rates National Economic Development Authority (NEDA) Arsenio M. Balisacan
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