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Rates Stay Unchanged But BSP Could Cut In August

BSP

Bangko Sentral ng Pilipinas left the key interest rate unchanged at 6.50%, as expected by all analysts polled by Bloomberg.

  • The central bank trimmed its risk-adjusted CPI forecast for this year to +3.8% Y/Y from +4.0% previously and raised the forecast for 2025 to +3.7% Y/Y from +3.5%.
  • Risks to the inflation outlook remain tilted to the upside, but inflation expectations are well-anchored, while April CPI data were better than expected.
  • Governor Remolona said that economic indicators point to a moderation in GDP growth but its overall path is largely intact.
  • The Governor guided that the BSP could cut rates in Q3/Q4 as the BSP has turned somewhat less hawkish; he suggested a cut could be delivered in August.
  • Click here to watch Governor Remolona's press briefing.
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