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MNI BSP Preview - June 2021: “Long Pause” To Continue

Executive Summary:

  • Bangko Sentral ng Pilipinas are expected to leave interest rates unchanged on Thursday.
  • Inflation remains above the target range, while the economy is yet to recover from the damage inflicted by the Covid-19 pandemic.
  • Bank lending continues to shrink amid bank risk aversion, limiting marginal benefit from loosening policy.

The case for tweaking monetary policy settings has not changed materially since the last meeting. With inflation still above the target range and with the economy struggling to lick the wounds inflicted by the outbreak of Covid-19, the Monetary Board are poised to leave the benchmark Overnight Borrowing Rate unchanged at 2.00%. In a recent round of comments, Governor Diokno suggested that the central bank will maintain a supportive monetary policy stance and stands ready to deploy additional stimulus measures if needed, while signalling that BSP expect bank lending to normalise and inflation to return into the target range. The central bank's core message on Thursday should not deviate from that familiar rhetoric, while the Monetary Board extend their "long pause" on interest rates, allowing fiscal measures to do the heavy lifting.


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MNI BSP Preview June 2021.pdf

Asia Bank - PreviewHomepageBangko Sentral ng Pilipinas - PrevEM Central Bank ReportsEM Central Bank PreviewEmerging Market News

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