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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

☆ 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

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