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Philippine Central Bank Keeps Rates Unchanged


Bangko Sentral ng Pilipinas kept its benchmark policy rate unchanged at 6.25%, in line with unanimous consensus call.

  • The central bank delivered cosmetic changes to its inflation forecasts. It now expects CPI inflation to average at +5.4% Y/Y in 2023 (prev. +5.5%) and at +2.9% Y/Y in 2024 (prev. +2.8%)
  • Governor Medalla said that inflation is set to return to the +2%-4% Y/Y target range by the year-end but warned that risks are tilted to the upside on the back of transport costs and El Nino. He added that the BSP stands ready to resume tightening if needed.

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