According to CoinMeta, Philippine Central Bank Governor Elie Remolona stated that as economic growth slows down, the central bank's future interest rate hikes will not be as aggressive. Remolona said in a speech at the Philippine Economic Journalists Association forum held in Manila on Friday, "We see weakening economic growth, which means we will not take as aggressive measures to curb inflation." However, the governor noted that policymakers still need to see a "more convincing downward trend in inflation" before they can relax policy. The Philippines is currently facing the weakest economic growth and the fastest inflationary pressures among the major economies in Southeast Asia. Previously, a corruption scandal weakened market confidence, while the conflict with Iran further increased price pressures.