Philippines: BSP paused its hiking cycle in June – UOB – by pabspiovano Philippines CentralBanks Banks InterestRate
As expected, Bangko Sentral ng Pilipinas left its overnight reverse repurchase rate unchanged at 6.25% for the second straight meeting. It cited that cooling inflation readings and indications of moderating economic activity over the policy horizon allowed the central bank to continue taking a pause in its monetary policy tightening to further assess the lagged effects of past interest rate hikes since May 2022.
Given that inflation expectations remain in line with the central bank’s assessment and the currency stability is currently preserved, we think BSP will continue its rate pause campaign for the rest of the year. At the same time, it will also exercise caution in its response to the Fed’s latest hawkish remarks as BSP is still mindful of the potential impact of narrowing interest-rate differential on PHP.
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