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Medalla Reiterates BSP Could Pause Rate Hikes, USD/PHP 1-Month NDF Holds Gains

PHP

Wires carrying comments from Bangko Sentral ng Pilipinas Governor Felipe Medalla who says at an industry event that the central bank could pause monetary tightening in April if inflation is lower.

  • The official points to signs that core and M/M CPI are decelerating. He says that the Philippines' 2023 GDP growth will slow but not below +6.0% Y/Y. Medalla also notes that the BSP has enough FX reserves to cushion inflation disanchoring.
  • The Philippine peso shows little reaction to his remarks, with USD/PHP 1-month NDF last seen +0.15 at PHP55.76. Topside technical focus falls on PHP56.55, which capped gains on Apr 19.
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