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Philippines Central Bank Keeps Interest Rates Unchanged

BSP

Bangko Sentral ng Pilipinas keeps its benchmark overnight borrowing rate unchanged at 6.25%, in line with consensus forecast and our call.

  • The central bank revised its inflation outlook for 2023 and 2024 lower to +5.5% Y/Y and +2.8% respectively. The previous projections were +6.0% and +2.9%.
  • Governor Medalla said that the balance of risks to the inflation outlook is tilted to the upside and the central bank stands ready to tighten monetary policy if needed.

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