Philippine Finance Secretary Benjamin E. Dioko said on Monday he will vote to keep interest rates steady when the central bank meets to review policy on Nov. 16.

“Given the decline in inflation, there’s no justification for higher interest rates,” Mr. Diokno, a member of the central bank’s policymaking monetary board, told reporters.

The central bank forecasts inflation to have eased to between 5.1% and 5.9% in October, from 6.1% in September.

The Bangko Sentral ng Pilipinas (BSP) raised its key policy rate by 25 basis points in an off-cycle move on Oct 26.

Its next rate-setting meeting will follow release of October inflation data on Nov. 7 and third quarter GDP on Nov. 9.

Mr. Diokno said third-quarter growth was better than second quarter. — Reuters