BI independence concerns resurface, Philippines corruption

The invitation extended to Indonesia’s finance minister this week to attend monetary policy meetings is not unheard of among global central banks, but the move will reinforce concerns that BI’s independence is being undermined. Elsewhere, the corruption scandal in the Philippines escalated, with two cabinet ministers leaving their roles. These latest developments raise the risk of public anger spilling out into protests and social unrest, which could further weigh on economic growth and the peso.

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