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Philippine Central Bank Leaves Rates Unchanged

BSP

Bangko Sentral ng Pilipinas kept its key policy rate unchanged at 6.50% today, in line with expectations.

  • The central bank said that the risks to the inflation outlook remain tilted to the upside, while growth prospects remain firm. The risk-adjusted CPI outlook for 2023 was revised to +6.0% Y/Y from +6.1%. The 2024 forecast was revised to +4.2% from +4.4%, while the 2025 forecast remained at +3.4%. Governor Remolona commented that overall inflation outlook was largely unchanged.
  • The Governor said that monetary policy will stay tight for now and the central bank will let past rate hikes work through the economy. According to the official, the BSP is monitoring the response of households and firms to earlier monetary tightening.
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