Bangko Sentral keeps interest rates steady

The Bangko Sentral ng Pilipinas’ policy-setting Monetary Board on Thursday kept the overnight borrowing rate unchanged at 6.50 percent.

“On balance, the Monetary Board deems it appropriate to hold monetary policy settings steady at this time. The Monetary Board also anticipates price pressures to ease further in the second half of the year with the implementation of Executive Order 62 as well as Administrative Order 20,” BSP Governor and MB chairman Eli Remolona Jr. said.

“If sustained, an improvement in the inflation outlook would allow more scope to consider a less restrictive monetary policy stance. However, uncertainty in the external environment calls for some caution against potential spillovers, including those in the financial markets,” he said. It said inflation was moving closer to the midpoint of the target range. The risk-adjusted inflation forecasts eased to 3.1 percent for both 2024 and 2025 from 3.8 percent and from 3.7 percent, respectively. Ralph Harvey Rirao

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