Central Bank Governor Puts Off-Cycle Rate Hike On Table

Bangko Sentral ng Pilipinas Governor Eli Remolona said that an off-cycle interest-rate adjustment may be on the cards as soon as this Thursday, when the Monetary Board holds its regular weekly meeting. The official told reporters that the central bank could raise interest rates "if the data says inflation will go up very significantly".

• This comes after Deputy Governor Francis Dakila told investors earlier today that the central bank retains its hawkish bias and continues to monitor inflation developments. The official noted that cutting rates could only be considered once the BSP is confident that inflation is back on target.
• Remolona said that he will attend a meeting to assess macroeconomic data later today. The next CPI report is due on November 7, while the Monetary Board will announce the next scheduled rate decision on November 16.