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Philippine Central Bank To Raise Key Policy Rate By 75bp At Nov 17 Meeting

BSP

Wires run comments from Bangko Sentral ng Pilipinas Governor Medalla who commits to a 75bp rate hike at the November 17 meeting.

  • Medalla emphasises that the rate hike is technically not "off cycle" as it will take effect after the next regular monetary policy review. Back in July, the BSP had taken markets by surprise with an unexpected 75bp rate hike.
  • He says the BSP needs to "maintain the interest rate differential prevailing before the most recent Fed rate hike, in line with its price stability mandate and the need to temper any impact on the country's exchange rate of the most recent Fed rate hike."
  • Bangko Sentral says it expects average headline inflation to be within the +2.0%-4.0% Y/Y target in the second half of 2023 and the entirety of 2024.
  • USD/PHP 1-month NDF have erased their initial uptick and last trade -0.06 at PHP58.62. Onshore markets are yet to re-open.
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