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PHILIPPINES: Central Bank to Cut at Next Week’s Meeting. 

PHILIPPINES
EM BulletPhilippinesBulletAPACEmerging Market News
  • The Bangko Sentral ng Pilipinas (“BSP”) meets on February 13 on the back of a fairly soft period of economic data.
  • CPI for January was in line with December at 2.9%, comfortably within the BSP’s +/-1% 3% target.
  • December exports contracted -2.2%, imports -1.7%, whilst in the fourth quarter GDP missed expectations at +5.2%. 
  • With unemployment rates now moderating, and the currency one of the better performers of its regional peers, the window appears open for the BSP and as such we forecast a 25bp cut at the next meeting. 
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  • The Bangko Sentral ng Pilipinas (“BSP”) meets on February 13 on the back of a fairly soft period of economic data.
  • CPI for January was in line with December at 2.9%, comfortably within the BSP’s +/-1% 3% target.
  • December exports contracted -2.2%, imports -1.7%, whilst in the fourth quarter GDP missed expectations at +5.2%. 
  • With unemployment rates now moderating, and the currency one of the better performers of its regional peers, the window appears open for the BSP and as such we forecast a 25bp cut at the next meeting.