FINANCE Secretary Benjamin Diokno assured the public the Philippine economy is strong enough to withstand the aggressive interest rate increase implemented by the Bangko Sentral ng Pilipinas (BSP).
On Thursday, he told reporters that the Development Budget Coordination Committee's target gross domestic product (GDP) growth rate of 6.7 to 7.5 percent can "absolutely" absorb the off-cycle 75-basis-point hike in the central bank's policy rate, bringing the overnight borrowing, deposit and lending rates to 3.25 percent, 2.75 percent and 3.75 percent, respectively, effective June 24, 2022.
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