MANILA, Jan. 10 -- Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla discounted the high possibility of another 75 basis points increase in the central bank's key rates given the same projections for the Federal Reserve funds rates and the weakening United States dollar.

In an interview by journalists on Tuesday, Medalla declined to give any figures for the possible rate hike in February, citing this "depends on the condition at that time."

He said one factor monetary authorities are looking into is the direction of the US dollar, which is currently depreciating partly due to market expectations that the Federal Reserve will not deliver additional 75 basis points increase in the coming months.

Medalla said the rising interest r...