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VIEW: ING: Economy Back On Track, Opens Door For BSP Rate Hike Next

PHILIPPINES

ING note that “economic activity remained brisk in Q122, despite an Omicron-induced surge of COVID infections early on in the quarter. Economic re-opening as mobility restrictions were lifted helped raise GDP growth to 8.3% Y/Y, bringing it back to pre-COVID levels. This robust economic recovery coupled with above-target inflation points to policy normalisation from Bangko Sentral ng Pilipinas (BSP). BSP Governor Diokno has been keeping rates unchanged to help support the economic recovery. But with GDP now back to pre-COVID levels and with inflation accelerating, we fully expect BSP to hike policy rates next week.”

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ING note that “economic activity remained brisk in Q122, despite an Omicron-induced surge of COVID infections early on in the quarter. Economic re-opening as mobility restrictions were lifted helped raise GDP growth to 8.3% Y/Y, bringing it back to pre-COVID levels. This robust economic recovery coupled with above-target inflation points to policy normalisation from Bangko Sentral ng Pilipinas (BSP). BSP Governor Diokno has been keeping rates unchanged to help support the economic recovery. But with GDP now back to pre-COVID levels and with inflation accelerating, we fully expect BSP to hike policy rates next week.”