Philippine central bank contenders pledge stronger monetary tools

Manila

TWO of the main contenders for the job of central bank governor in the Philippines said global uncertainties require sharper monitoring of financial market risks.

Deputy governors Nestor Espenilla, 58, and Diwa Guinigundo, 62, called for stronger measures to assess and analyse risks to financial markets. The nation's "fundamentals" are solid, they said, referring to economic growth and inflation outlooks.

Their comments underline the risk of capital outflows from emerging nations as the US economic expansion prompts the Federal Reserve to raise interest rates. US President Donald Trump's protectionism may hurt outsourcing companies and remittan…