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PHILIPPINES: CPI Print Keeps Door Open to Further Cuts. 

PHILIPPINES
EM BulletPhilippinesBulletAPACEmerging Market News

 

  • February’s CPI release was lower than expected, providing further room for the BSP to cut rates.
  • Against a 2025 forecast of 3.5%, February’s result of +2.1% potentially presents concerns for the BSP.
  • Other than a brief dip in September last year (that brought about rate cuts) you have to go back to COVID period for CPI to be at these levels.
  • Core prices were up +2.4% y/y, but down -0.2% m/m as food price declines continued.
  • The BSP surprised markets in February by remaining on hold whilst indicating that upcoming meetings will remain ‘live’ and today’s release supports this. 
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  • February’s CPI release was lower than expected, providing further room for the BSP to cut rates.
  • Against a 2025 forecast of 3.5%, February’s result of +2.1% potentially presents concerns for the BSP.
  • Other than a brief dip in September last year (that brought about rate cuts) you have to go back to COVID period for CPI to be at these levels.
  • Core prices were up +2.4% y/y, but down -0.2% m/m as food price declines continued.
  • The BSP surprised markets in February by remaining on hold whilst indicating that upcoming meetings will remain ‘live’ and today’s release supports this.