The Finance Minister of the Philippines says the economy is strong enough to handle an aggressive rate hike.

Manila (Reuters) – Given that economic activity has been growing since the beginning of the year, the Philippine economy is still strong enough to handle the 75 basis point increase in the central bank’s benchmark interest rates.

On Thursday, the finance minister said.

The central bank did something unexpected. “The growth outlook is seen to be supported by the continued loosening of quarantine restrictions and the positive effects of structural reforms,” Benjamin Diokno said in a statement after the central bank did something unexpected.