In the Philippines, where monetary authorities are viewed to have been more transparent than their peers, central bank Governor Felipe Medalla is finding that words are better matched with actions. The long-tapped tool of open mouth operations, referring to central bank communications to direct market expectations, is being challenged by the Federal Reserve’s aggressive tightening. The strategy that has worked in favour of Medalla’s predecessors experienced in the art of verbal intervention has to now be accompanied by bold measures. The 72-year-old long-time economics professor presided over an out-of-schedule rate hike in July, barely two weeks into the job, reacting to US data showing qu
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