Oil Shock May Spur April Rate Hike, Spending Cuts in Philippines

The Philippine central bank may need to tighten monetary policy next month if oil prices keep rising due to the Iran war, according to Finance Secretary Frederick Go, who warned that a prolonged fuel crunch could push up inflation and derail the economy.

“If the price of oil continues to persist at elevated levels, it is most likely that the Monetary Board will consider tightening in the next meeting,” Go said in an interview with Bloomberg Television’s Haslinda Amin on Tuesday.