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Interest rates stay at highest in 17 years

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The Bangko Sentral ng Pilipinas kept its key policy rates untouched for the sixth straight meeting, but risks to inflation have now shifted to the downside, providing the central bank room to “more likely” ease in August.

MANILA, Philippines — The Bangko Sentral ng Pilipinas kept its key policy rates untouched for the sixth straight meeting, but risks to inflation have now shifted to the downside, providing the central bank room to “more likely” ease in August.

“The balance of risks to the inflation outlook has shifted to the downside for 2024 and 2025 due largely to the impact of lower import tariffs on rice under Executive Order 62,” Remolona said. At the same time, the BSP lowered its baseline inflation forecast for the next two years. It now sees inflation averaging 3.3 percent this year from 3.5 percent and 3.1 percent in 2025 from 3.3 percent.

Remolona said price pressures are expected to ease further in the second half, giving the Monetary Board room to cut rates by 25 basis points in the third quarter and another 25 basis points in the fourth quarter.“If sustained, an improvement in the inflation outlook would allow more scope to consider a less restrictive monetary policy stance,” Remolona said.

Diversified conglomerate San Miguel Corp. is on track to start within the next 12 months the construction of over P300 billion...

 

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