Felipe Medalla, a monetary board member of the Bangko Sentral ng Pilipinas for the past decade, was named as its next governor on Thursday by President-elect Ferdinand Marcos, who is close to completing his economic team.
Medalla will take the helm of the BSP just as it kicked off its monetary tightening cycle this month to confront rising prices. But while Medalla believes the economy's strong growth affords the central bank room to tighten policy, he said there was"no reason to rush because much of inflation is imported."
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