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Philippine Central Bank Stands Pat On Rates

BSP

Bangko Sentral ng Pilipinas kept its key rate unchanged at 6.50%, which matched the outcome pencilled in by all 19 economists surveyed by Bloomberg.

  • The BSP shifted its risk-adjusted inflation path marginally higher to +4.0% Y/Y in 2024 and +3.5% Y/Y in 2025 (from +3.9% and +3.5% in February), while noting that the risks remain tilted to the upside, mostly from transport, food and power costs.
  • The BSP also said that possible wage adjustments could generate second-round effects.
  • At the same time, the central bank commented that inflation expectations are broadly anchored, while the projected inflation path remains within the target range.
  • Governor Remolona noted that monetary policy will remain tight, while the central bank has turned slightly more hawkish than before.
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