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Philippines policymakers dismiss concerns about Fed hikes
May 5, 2017 / 9:41 AM / 5 months ago

Philippines policymakers dismiss concerns about Fed hikes

Ministers and central bank governors including Philippines Finance Minister Carlos Dominguez (C) attend a photo session at ASEAN+3 Finance Ministers and Central Bank Governors' Meeting on the sideline of Asian Development Bank (ADB)'s annual meeting in Yokohama, south of Tokyo, Japan May 5, 2017. REUTERS/Issei Kato

YOKOHAMA, Japan (Reuters) - Policymakers from the Philippines dismissed concerns on Friday that U.S. Federal Reserve interest rate hikes could disrupt the Asian economy by triggering capital outflows.

“We are better prepared than at any other time for external events, such as Fed rate hikes,” Philippine Finance Secretary Carlos Dominguez said after a meeting of policymakers from ASEAN countries, Japan, China and South Korea.

Diwa Guinigundo, the deputy governor at the Philippine central bank, also said ASEAN countries have adequate buffers because their foreign exchange reserves are high and economic growth is strong.

Reporting by Stanley White; Editing by Sam Holmes

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