MANILA - The Philippines is ready should the United States increase its interest rates though it is likely to maintain current levels, the central bank said Tuesday.

"I think because there's a midterm elections next year in the US that the Fed (US Federal Reserve) will not rock the boat. In any event, if there's an increase in interest rates in US, the Philippines is prepared for that," Bangko Sentral ng Pilipinas Governor Benjamin Diokno told ANC's Headstart.

"I think the Fed chairman is committed to keep interest rates low. I believe him. I think that’s the right thing to do because we’re not over the hop yet in this crisis... While a big chunk of Americans have been vaccinated, the whole world has not been vaccinated. Nobody’s safe until everyone's safe."

US President Joe Biden last week announced plans to raise corporate taxes to finance a massive $2 trillion infrastructure and jobs program.

US Treasury Secretary Janet Yellen had also proposed that nations adopt a global minimum corporate tax to stem the erosion of government revenues.

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