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Philippines tightens monetary policy
MANILA. Mar 3: The Philippine Central Bank tightened its monetary policy Friday for the first time in four months to preempt any ihipact on the Philippines of a likely hike In US interest rates, says AP.
At Its weekly meeting, the central bank's policy-making council effectively raised its overnight borrowing rate by discontinuing a previous two-tier system and offering a flat rate of 8.75 per cent for all funds lent to Ine monetary authority.
Previously, it had paid a lower rate of 8 per cent on half of all funds in excess of 500 million pesos $12.3 million.
It's signal that our borrowing rates have gone up." said Central Bank Governor Rafael Buenaventura.
He said the move was in response to expectations of an increase in US interest rates at the Federal Reserve's Open Markel Committee meeting on March 21.
"Given the expected move in the US. we figured it's time to make some minor adjustments." he said.
Analysts said dropping the second tier of the overnight borrowing rale rather than increasing the overall rate was a deft v/ay'of tightening policy while keeping interest rates as low as possible amid the prospect of higher US rates.
Merrill Lynch Securities Philippines Inc. economist Jojo Gonzales said current low inflation should also help relieve upward pressure on domestic interest rates.
Despite the tightening in policy, senior monetary and finance officials said they do not expect Philippine interest rates to spike higher. Finance Secretary Jose Pardo said treasury* bill yields at Monday's securities auction should move sideways given the government comfortable cash position.
At this week's auction, the benchmark-9 1-day bills yielded 8.897 per cent, up from 8.847 per cent at the previous auction.
Neither Buenaventura nor Pardo linked the effective rise in the overnight borrowing rate — the central bank's main tool to control domestic liquidity — to the weak peso.
The dollar has been testing the key level of 41 pesos for most of this week, pressured by adverse regional currency movements and domestic concerns over Joseph Estrada's presidency, and a highly publicised stock market scandal.
Meanwhile, the government's chief economic planner reiterated the Estrada administra-tion's commitment to stick to a 2000 budget deficit target of 62.5 billion pesos ($1.5 billion).
"If the government is seen to be meeting its targets, that should help stabilize the peso and interest rates, said Socioeconomic Planning Secretary Felipe Medalla.