The governor of the Central Bank of the Philippines (BSP) said it would be “dangerous” to cut interest rates more quickly than the US Federal Reserve, warning that this might lead to further depreciation of the peso.

“If US inflation is sticky and the cuts are slow, it’s very dangerous for the Philippine central bank to cut faster than the US even if its inflation is falling faster,” Felipe Medalla said at a central bank event on April 26.

Headline inflation in the Philippines slowed for a