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We're being punished for 'doing the right thing': Philippine Finance Secretary

2018-10-12 09:19:48       source:CNBC

October 11, 2018

The Philippines is "being punished" for managing its economy in the right way, given the effect of tightening U.S. monetary policy on the embattled emerging market, Philippine Finance Secretary Carlos Dominguez suggested on Thursday.

Speaking to CNBC at the IMF and World Bank meetings in Bali, Indonesia, Dominguez said that the U.S. should consider that its actions "affect everybody."

"It affects the entire world, capital flows back to the U.S., and we're trying our darndest here, being punished for something we're doing right," he said, responding to the news that U.S. President Donald Trump said the Fed has "gone crazy" in continuing to raise interest rates.

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