US bank sees BSP increasing borrowing rate to 6% in 1st half

Citi Philippines economist Nalin Chutchotitham said in an online briefing Wednesday inflation remained a concern in the medium term.

“Inflation is very much on the mind of the BSP, although bigger hikes are not needed anymore [just] like they did last year to defend the peso and give the market enough confidence,” she said. Joanna Chua, head of Citi Asia Economics and Strategy, said the bank remained bullish on the economy despite a challenging macro-environment.

Inflation in December reached 8.1 percent on faster increases in prices of food and nonalcoholic beverages. The December outturn was faster than 3.1 percent in the same month in 2021.

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