Monetary policy in the Philippines remains “timely and appropriate”, the country’s central bank chief stressed on Tuesday amid observations that policy rate hikes ordered in May and June were not enough to address above-target inflation.

“We assure that our monetary policy responses to elevated inflation pressures were, and are, timely and appropriate,” Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. said in a speech before the Institute of Corporate Directors.

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