Incoming Philippine central bank governor not ruling out more rate hikes

MANILA - Incoming Philippine central bank governor Felipe Medalla said on Wednesday he was not ruling out further interest rate hikes to combat above-target inflation even as he stressed that future policy decisions will be data driven.

Medalla, who will take on the role of Bangko Sentral ng Pilipinas (BSP) governor on July 1, also said the central bank need not match rate increases by the U.S. Federal Reserve.

The central bank kicked off its tightening cycle in May by raising rates by 25 basis points and followed up with another quarter-point increase in June. Its next policy review is in August.