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☆ Philippine central bank likely to hold rates at 6.5% on Thurs, may hike again in Dec: Reuters poll
▼ + stars: | 2023-11-14 | by ( Veronica Dudei Maia Khongwir | ) www.reuters.com time to read: +2 min

FILE PHOTO: A security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines April 28, 2016. “We do not rule out any possibility of further rate hikes unless there is consistent improvement in the successive months’ inflation prints. Median forecasts showed rates at 6.75% until mid-2024, with a first rate cut seen as coming in Q3 - later than predicted in a poll taken before the recent surprise hike. “To maintain the strength of the peso, the BSP needs to ensure a healthy interest rate differential with the U.S. Therefore, a pause by the U.S. Fed adds to a case that BSP will do likewise,” said Sarah Tan, economist at Moody’s.

Persons: Romeo Ranoco, Eli Remolona, ”, Debalika Sarkar, “, Sarah Tan Organizations: ng Pilipinas, Central Bank of, REUTERS, Reuters, ANZ, U.S Locations: BENGALURU, Philippine, Philippines, Manila

A double-digit gain in the price of rice drove annual inflation to accelerate by 6.1% last month, its fastest pace in four months, according to data from the Philippine Statistics Authority released on Thursday. The country's economic planning agency on Thursday said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr lifted the cap on rice prices. Rice inflation quickened by 17.9% in September, the fastest in over 14 years, the statistics authority said, helping fuel the 10.0% food inflation rate for the month. September's faster-than-expected inflation could convince the Bangko Sentral ng Pilipinas (BSP) to resume hiking rates after it left its benchmark rate (PHCBIR=ECI) steady at its last two meetings. Last month's inflation print brought year-to-date average inflation to 6.6%.

Persons: Lisa Marie David, Ferdinand Marcos Jr, Marcos, September's, Nicholas Mapa, Neil Jerome Morales, Mikhail Flores, Karen Lema, Martin Petty Organizations: REUTERS, Philippine Statistics Authority, Philippine, ng Pilipinas, ING, Christian, Thomson Locations: Manila, Philippines, MANILA

☆ We have room to hike rates without contracting the economy, says Philippine central bank chief
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have room to hike rates without contracting the economy, says Philippine central bank chiefEli Remolona, governor of the Bangko Sentral ng Pilipinas, says he expects there will be "some recovery" in the country's economy in the third quarter.

Persons: Eli Remolona Organizations: ng Pilipinas Locations: Philippine

☆ Philippines need not match Fed's 25-basis point hike, finance minister says
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

MANILA, July 31 (Reuters) - The Philippines' finance minister said monetary authorities have room to pause on rate hikes in August despite a recent policy tightening by the U.S. Federal Reserve. That is my view and we have to monitor other indicators like inflation," Finance Secretary Benjamin Diokno told reporters on Friday during his weekly media briefing. The Monetary Board has four current members, including the central bank governor, but three seats are still vacant. Inflation is expected to return to within the central bank's 2% to 4% target range in the fourth quarter, Diokno said. We are data dependent," Diokno said, adding that authorities will take stock of the Fed rate hike's impact on both global and domestic economy.

Persons: Benjamin Diokno, Diokno, Eli Remolona, Neil Jerome Morales, Lincoln Organizations: U.S . Federal, Monetary, Bangko Sentral ng Pilipinas, Fed, Thomson Locations: MANILA, Philippines

Summary June annual inflation slowest since AprilRisks to inflation tilted to the upside - central bankSlower June inflation supports rate pause expectationsMANILA, July 5 (Reuters) - Philippine annual inflation eased for a fifth straight month in June, supporting expectations the central bank will keep rates unchanged for longer as food and transport cost pressures ease. The central bank, however, noted inflation risks remained tilted to the upside due to the potential impact of El Nino dry weather conditions and wage increases. Last month's inflation rate, which was below the 5.5% forecast in a Reuters poll, brought the year-to-date average to 7.2%. It next meets on Aug. 17 under newly appointed BSP Governor Eli Remolona, who took the helm of the central bank on July 3. ING Economist Nicholas Mapa said in a tweet that moderating price pressures give the central bank space to extend the pause and keep rates steady for now.

Persons: Eli Remolona, Nicholas Mapa, Karen Lema, Enrico Dela Cruz, Martin Petty, Jacqueline Wong Organizations: El, ng Pilipinas, ING, Thomson Locations: MANILA, El Nino

☆ Philippine finance secretary sees 'long pause' in rate hikes
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, June 25 (Reuters) - Philippine Finance Secretary Benjamin Diokno said he expected the central bank, of which he is a policymaker, to take a "long pause" in raising interest rates steady as inflation is expected to ebb. The bank held its key policy rate steady at 6.25% for a second straight meeting on Thursday. I don't see any cut until we really have that strong evidence of a decline" in inflation, Diokno said. He is one of the seven members of the policy-making Monetary Board, which next meets on Aug. 17 to review policy under the leadership of a new central bank governor. Since May last year, the central bank raised rates 425 basis points to combat inflation.

Persons: Benjamin Diokno, Diokno, Ferdinand Marcos Jr, Eli Remolona, Felipe Medalla, Neil Jerome Morales, WIlliam Mallard Organizations: Philippine Finance, Bangko Sentral ng Pilipinas, Thomson Locations: MANILA, Bangko

☆ Philippine central bank on hold for rest of year, cut in early 2024
▼ + stars: | 2023-06-20 | by ( Veronica Dudei Maia Khongwir | ) www.reuters.com time to read: +2 min

All 24 economists polled June 13-19 forecast the BSP will hold its benchmark overnight borrowing rate (PHCBIR=ECI) at 6.25% at its policy meeting on June 22. A strong majority of respondents, 14 of 17, forecast rates will stay at 6.25% for the rest of the year with the remaining three predicting a rate cut by end-2023. The central bank, which had previously closely followed the U.S. Federal Reserve in hiking interest rates, is now charting a distinct course. "In later meetings if the Fed hikes, the BSP is likely to stay on hold. The Fed kept interest rates unchanged at 5.00%-5.25% last week but signaled it may still hike by as much as half of a percentage point by end-2023.

Persons: Eloisa Lopez, Felipe Medalla, Francisco Dakila Jr, Shreya, Veronica Dudei Maia Khongwir, Anant Chandak, Madhumita Gokhale, Hari Kishan, Ross Finley, Sharon Singleton Organizations: REUTERS, ng Pilipinas, U.S . Federal Reserve, Fed, Barclays, BSP, Thomson Locations: Makati City, Metro Manila, Philippines, BENGALURU, Philippine

June 19 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Looking ahead and beyond China, investors have two other Asian monetary policy decisions this week to digest - Indonesia's Bank Indonesia (BI) and the Philippines Bangko Sentral ng Pilipinas (BSP) on Thursday. Both are likely to leave policy unchanged, with BI maintaining its benchmark lending rate at 5.75% and the BSP keeping its key policy rate at 6.25%. The broader market tone across Asia on Monday could be one of caution, with investors tempted to take some profits from the recent rally. The annual core CPI rate is expected to ease to 3.1% from 3.4% in April.

Persons: Jamie McGeever, Antony Blinken's, Bank of Korea Governor Rhee Chang, Antony Blinken, Leslie Adler Organizations: People's Bank of, Indonesia's Bank Indonesia, Sentral ng Pilipinas, BI, BSP, Bank of Japan, Bank of Korea, Thomson, Reuters Locations: U.S, People's Bank of China, Beijing, American, China, Philippines, Asia, Japan, Hong Kong

☆ We'll continue to spend 5% to 6% of GDP on infrastructure, says Philippine secretary of finance
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe'll continue to spend 5% to 6% of GDP on infrastructure, says Philippine secretary of financeBenjamin Diokno, Philippine secretary of finance and former governor of Bangko Sentral ng Pilipinas, discusses the areas of the economy that the country plans to develop, such as tourism, infrastructure and electric vehicles.

Persons: Benjamin Diokno Organizations: Bangko Sentral ng Pilipinas Locations: Philippine, Bangko

☆ Philippine central bank chief says the Fed's a 'big source of uncertainty' for its decision on rates
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilippine central bank chief says the Fed's a 'big source of uncertainty' for its decision on ratesFelipe Medalla, governor of the Bangko Sentral ng Pilipinas, says it needs to be vigilant as a small differential between its policy rates and the U.S. Federal Reserve's could weaken the peso significantly.

☆ Philippine c.bank to hold rates at 6.25% in May after nine straight increases - Reuters poll
▼ + stars: | 2023-05-16 | by ( Devayani Sathyan | ) www.reuters.com time to read: +2 min

Sixteen out 22 economists polled by Reuters between May 9-15 expected the BSP to leave its overnight borrowing rate (PHCBIR=ECI) at 6.25% at the meeting on Thursday. "Policymakers should be comforted by the pullback in inflation prints since February, with downward revisions to inflation forecasts potentially on the cards. Among economists who had a long-term view, 11 of 19 expected the BSP to maintain rates at 6.25% until end-June. Of the remaining eight economists, seven predicted rates to be at 6.50% or higher by then, while one forecast a 25 basis points cut to 6.00%. Median forecasts showed rates would remain at 6.25% at least until the end of the year.

May 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. If the April snapshots of retail sales, urban investment and industrial production come in weaker than expected - and consensus forecasts are for solid rebounds from the month before - the China bears and doomsters will be in the ascendancy. Broader market sentiment may be reasonably well supported after Wall Street eked out modest gains on Monday despite alarming slump in a key index of U.S. factory activity and another day of deadlock in the U.S. debt ceiling negotiations. Here are three key developments that could provide more direction to markets on Tuesday:- Australia consumer sentiment (May)- China investment, retail sales, industrial output (April)- Euro zone GDP (Q1, flash estimate)By Jamie McGeever; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Philippines' finance minister says no reason for rate hike
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

MANILA, May 15 (Reuters) - The Philippine central bank has no reason to raise interest rates further as domestic inflation is easing, the country's finance minister said ahead of a May 18 monetary policy meeting. Finance Secretary Benjamin Diokno reiterated his stance against a rate hike when he spoke to reporters. "I'm for a pause, that's my opinion. "So over all, there's no reason why we should increase the rates." Some economists believe the inflation downtrend and cooling economic growth have built the case for the BSP to pause in its tightening cycle.

☆ Philippine c.bank chief: 'Dangerous' to cut rates faster than Fed
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 26 (Reuters) - The Philippines' central bank considers it "dangerous" to cut interest rates faster than a policy easing by the U.S. Federal Reserve, its governor said on Wednesday. "If inflation in the U.S. is sticky and cuts are slow, it is very dangerous for the Philippine central bank to cut faster than the U.S.," Medalla said. Philippine inflation slowed for a second straight month in March to 7.6%. Gross domestic product could have expanded "in the neighbourhood of 6%" in the first quarter, Medalla said. A Philippine government inter-agency panel this week maintained its economic growth target of 6.0% to 7.0% this year on robust domestic economic activity amid global headwinds.

☆ Philippine c.bank may consider pausing rate rises if inflation slows
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 9 (Reuters) - The Philippine central bank may consider pausing its monetary tightening next month if April inflation does not accelerate, the bank's governor said on Sunday. Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a telephone message to Reuters that a pause in interest rate increases was possible "if the April CPI (consumer price index) is not higher than the March CPI". Medalla said a "zero or negative month-on-month inflation" may also support the case for a rate hike pause. Philippine headline inflation eased for a second consecutive month in March to 7.6% from 8.6% in February but it remained above the central bank's 2%-4% target for the year. To tackle inflation, the BSP has raised its benchmark interest rate (PHCBIR=ECI) by 425 basis points since May last year to 6.25%.

However, confusing the picture core inflation accelerated to 8.0% in March from February's 7.8%, the fastest pace since 1999. Nicholas Mapa, an economist at ING bank, said a sustained downtrend in inflation could make the BSP consider hitting the pause button on its most aggressive interest rate hiking cycle for years. "Today's inflation reading could be one additional data point that could convince Governor Medalla that inflation is finally moderating," Mapa told Reuters. "We expect inflation to moderate further in April which could open up the door for a BSP pause at the May meeting." Finance Secretary Benjamin Diokno, who is one of the seven members of the central bank's policy making monetary board, said on Tuesday, the central bank has probably done enough to address inflation.

☆ Philippine minister says pause in rate rises likely at next bank meeting
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, March 26 (Reuters) - Philippines Finance Secretary Benjamin Diokno said on Sunday he believed that the central bank was leaning towards a pause in interest rate rises at its next monetary policy meeting scheduled for May. "Non-monetary measures to ease inflation could address the problem more effectively", including those already adopted by fiscal authorities, Diokno said in a statement. The Bangko Sentral ng Pilipinas' decided on Thursday to continue fighting inflation with a rate increase, although at the slower pace of 25 basis points (bps) to 6.25% (PHCBIR=ECI). And monetary policy is not the only game in town. Besides ... monetary policy works with a long lag," said Diokno, who sits as a member of the seven-man monetary board of the central bank.

☆ We've done 'almost enough' to manage inflation, says Philippine central bank governor
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've done 'almost enough' to manage inflation, says Philippine central bank governorFelipe Medalla, governor of the Bangko Sentral ng Pilipinas, says it's waiting for one or two more "good data points" on inflation in the country.

☆ Philippines growth to hit at least 6% this year
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

MANILA, Feb 27 (Reuters) - Economic growth in the Philippines will reach at least 6% this year, the central bank governor said on Monday, consistent with the government's 6%-7% target for 2023. Bangko Sentral ng Pilipinas Governor Felipe Medalla told an economic forum "pent-up" demand will be a key driver of growth this year. Reporting by Enrico dela CruzOur Standards: The Thomson Reuters Trust Principles.

☆ Bearish bets on Asian FX return on renewed woes over Fed rate hikes - Reuters poll
▼ + stars: | 2023-02-23 | by ( Tejaswi Marthi | ) www.reuters.com time to read: +3 min

[1/4] A Singapore dollar note is seen in this illustration photo May 31, 2017. However, recent comments from the Fed about hiking rates for longer dampened sentiment. They turned bearish on the Thai baht , Asia's best-performing currency this year, the Singapore dollar and the Malaysian ringgit for the first time in three months. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. The survey findings are provided below (positions in U.S. dollar versus each currency):Reporting by Tejaswi Marthi in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ We want year-on-year inflation to be lower than 4% by year-end: Philippine central bank chief
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe want year-on-year inflation to be lower than 4% by year-end: Philippine central bank chiefFelipe Medalla, governor of the Bangko Sentral ng Pilipinas, says inflation remains the "primary concern."

Feb 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. Or rather, it is the reaction of world markets and risky assets to the repricing that is increasingly defying logic. This has come amid an astonishing rise in U.S. bond yields, market-based implied rates, and Fed policy expectations. According to U.S. 'SOFR' rate futures the implied year-end Fed policy rate is now above 5% - four months ago it was 4%, and six months ago it was only 3%. chartIn Asia, Bank Indonesia (BI) is expected to leave its key interest rate unchanged at 5.75%, which could mark the end of a short six-month long hiking cycle.

Summary Jan CPI at fresh 14-year high of 8.7%Faster-than-expected inflation raises odds of bigger rate hikeEconomic planning chief says inflation to moderate this yearMANILA, Feb 7 (Reuters) - Philippine annual inflation blew past expectations in January to reach a fresh 14-year high on surging food prices, raising the chance of the central bank delivering a bigger interest rate hike to tame prices when it meets this month. Given the faster-than-expected inflation in January, Bangko Sentral ng Pilipinas (BSP) looks certain to hike interest rates by at least 25 basis points and with a bigger 50 bps likely to be on the table, ING economist Nicholas Mapa said in a Tweet. The Philippines' broader stock index (.PSI) dropped 0.4% in early trade on expectations of a larger rate hike, while the peso had slipped 0.5% at 54.73 per dollar as of 0211 GMT. The main factor behind January's red-hot inflation was the 11.2% annual rise in food inflation, the quickest pace since 2009, and compared to the previous month's 10.6%, and the 1.6% rate in the same month last year. Elevated inflation, plus the need to maintain interest rate differentials between the U.S. and the Philippines, have forced the central bank to embark on aggressive tightening, with the benchmark rate (PHCBIR=ECI) rising by a total of 350 bps last year.

☆ Philippines central bank to focus on inflation at next policy meeting -governor
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: 1 min

MANILA, Feb 4 (Reuters) - The Philippine central bank will focus on inflation rather than the Federal Reserve's recent policy action when it meets on Feb. 16 to review key interest rates, its governor said on Saturday. "Next meeting will focus on inflationary expectations in PH, not the Fed's 25 bps rate increase," Bangko Sentral ng Pilipinas Governor Felipe Medalla told reporters in a phone message. Philippine inflation was likely to be within a range of 7.5% to 8.3% in January, the central bank said on Tuesday, following the 8.1% rate in December, which was a 14-year high. The statistics agency will release inflation data on Feb. 7. Reporting by Karen Lema Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

[1/2] Construction of new buildings alongside older establishments is seen within the business district in Makati City, metro Manila, Philippines January 25, 2017. "We are confident that we will remain in our high growth trajectory," Baliscan told a media briefing on Thursday. On a quarter-on-quarter basis, GDP growth came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's upwardly revised 3.3% expansion. Like the rest of the world, the Philippines is battling red-hot inflation, currently running at 14-year highs, which if not tamed could crimp domestic consumption, a major driver of growth. "We expect a difficult year ahead for the Philippines," Capital Economics said in a note, citing the impact of high inflation and tighter monetary policy on domestic spending.

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