(Adds more details, background)
MANILA, April 4 (Reuters) - The Bangko Sentral ng
Pilipinas (BSP) has "probably done enough" to tackle inflation,
the country's finance secretary said on Tuesday, in comments
that may add weight to expectations the central bank's policy
tightening cycle is nearing an end.
Finance Secretary Benjamin Diokno, who sits on the seven-man
policy-making monetary board, said monetary policy was not the
only game in town, and the government has non-monetary tools at
its disposal to manage inflation.
Diokno's remarks came ahead of Wednesday's release of March
inflation data, which according to the BSP likely eased to
between 7.4% and 8.2% from 8.6% in February, but still above the
government's 2%-4% inflation target for the year.
Diokno said the central bank's March inflation estimate
pointed to the likelihood that inflation in the country has
already peaked.
He added, however, it was too early to assess the impact of
the surprise output cut by oil producers on Philippine
inflation.
The BSP last month hiked its benchmark interest rate further
although at a slower pace of 25 basis points to 6.25% , and said its next policy move would depend largely
on how consumer prices will behave in the coming months. It next
meets on May 18.
The central bank governor did not immediately respond to a
request for comment.
(Reporting by Neil Jerome Morales; Writing by Karen Lema
Editing by Ed Davies
Editing by Ed Davies)
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