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MNI BSP Preview - November 2021: Keeping Policy Accommodative

EXECUTIVE SUMMARY

  • Philippine CPI inflation unexpectedly slowed in both September and October, giving the MPC some space to keep monetary policy settings at current accommodative levels.
  • Q3 GDP data were particularly upbeat but the central bank will want to make sure that economic recovery is broad-based and proves sustainable.
  • On a number of occasions, Governor Diokno flagged Bangko Sentral's conviction that risks associated with tightening policy too early are greater than those associated with tightening too late.

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