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Philippine Central Bank Raises Policy Rate By 25bp

BSP

Bangko Sentral ng Pilipinas raised its key policy rate by 25bp, as expected by all but one economist in a Bloomberg poll.

  • The central bank lowered its inflation outlook. It expects consumer prices to grow +6.0% Y/Y in 2023 (prev. +6.1%) and +2.9% Y/Y in 2024 (prev. +3.1%).
  • The BSP noted that inflation expectations increased slightly in 2023, while risks to the inflation outlook for 2023/24 are tilted to the upside.
  • Governor Medalla noted that the central bank will continue to act in a data-dependent manner, while external developments can also affect the next decision.
  • He flagged potential for a pause in the rate-hike cycle at the next monetary policy meeting.
  • The BSP has now delivered a cumulative 425bp worth of rate hikes since May, which makes it one of the most aggressive central banks in the region.
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