The Philippines' central bank is hopeful that a looser monetary policy will be in place by 2024, its governor said on Thursday.

A series of rate hikes by Bangko Sentral ng Pilipinas had nipped inflation in the bud and prevented supply shocks from becoming a permanent momentum for inflation, central bank Governor Felipe Medalla said in a speech at a Rotary Club meeting.

There is a waning need for large policy adjustments to match the Fed as rate hikes kick into effect, he added. (Reporting by Neil Jerome Morales Editing by Ed Davies)