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Finance Secretary Sees Rates On Hold Next Week, Cuts Possible in Q1 2023

PHILIPPINES

Finance Secretary Diokno has stated that the BSP is likely to leave rates on hold at next week's policy meeting. Rate cuts will be considered if there is a significant drop in inflation, with Diokno highlighting the Q1 2024 period as a potential window. Th Secretary also said Q2 growth was likely to be similar to Q1's.

  • The central bank meets next Thursday, with the current consensus looking for no change in the policy rate (currently at 6.25%).
  • Elsewhere the BSP is expected to require the nation's largest businesses to disclose foreign-debt levels, as there is concern that exposure may be bigger than currently estimated (see this link for more details).
  • In the FX space, USD/PHP is tracking lower, last at 55.85, slightly up from session lows near 55.76. The pair largely remains range bound with moves above the simple 200-day (56.13), drawing selling interest in recent months. Peso bulls will look to target a break sub the 50-day MA near 55.70.
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