First rate cut likely 25 basis points

MONETARY authorities will cut key interest rates by 25 basis points once inflation settles around the midpoint of the target range, the chief of the Bangko Sentral ng Pilipinas said.'Right now, if we ease, it will just be 25 basis points. But we'll see,' central bank Governor Eli Remolona Jr. told reporters on Monday.'Anything more than 25 , it's like there's a recession already. It's like a hard landing. But for now, we don't see it coming,' he added.

The BSP's policymaking Monetary Board, Remolona continued, remains hawkish and expects to only start implementing rate cuts late this year or in the first quarter of 2025 as inflation will likely exceed target in the second quarter.'It seems that inflation movements are hovering around 3.9 percent ...,' he said, adding that it should 'hopefully' be 'around 3.0 percent.''If it's 3.9 percent, it's easy to become 4.1 percent, like that.

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