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DAVOS, Switzerland/MANILA, Jan 18 (Reuters) - Philippines President Ferdinand Marcos Jr said his country would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade. "My belief is that as long as the unemployment rate stays low, we will be able to resist the recessionary forces," he said. He said the upskilling of his country's labour force was powering economic growth, including remittances from overseas workers. "The future of the region has to be decided by the region, not outside powers," he said. Marcos was in Davos, Switzerland this week for the World Economic Forum, accompanied by his economic team and several Philippine business executives.

☆ Philippines c.bank hopes to cut rates in 2024, flags RRR reduction
▼ + stars: | 2023-01-12 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +2 min

"By 2024, when pent-up demand is gone, then monetary policy hopefully at that time will be much looser than what we have now," he said. Another easing measure could involve banks' reserve requirement ratio, with a high probability of it being cut in the first half, Medalla told reporters. The BSP stands ready to take further monetary policy actions to bring inflation back to within a target-consistent path, Medalla said. The figure brought the average full-year inflation rate to 5.8%, also a 14-year high and above the official 2%-4% target band. "If the U.S. is increasing policy rates, we need not match it but if it's 50 (basis points), it's hard not to respond, at least partially," Medalla said.

☆ Philippines c.bank flags 25 or 50 bps rate hike next month
▼ + stars: | 2023-01-10 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +2 min

"The pressure on us to match U.S. increases will be much lower," Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla told reporters. Inflation will likely fall below the midpoint of the target range by end-2023 or early 2024, he said. The central bank's main concerns, for now, are inflation and, to some extent, a strong dollar and Medalla said he could not rule out further rate hikes until inflation pressures ease. What I am worried about is we are late and there will be a greater sacrifice of output later on," he said. Reporting by Neil Jerome Morales Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines extends tariff cuts on imported rice, other food items to fight inflation
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

MANILA, Dec 18 (Reuters) - Philippine President Ferdinand Marcos Jr has approved the recommendation of the economic ministry to extend up to the end of next year lower tariff rates on rice and other food items to help combat inflation, his office said on Sunday. The modified rates approved in 2021 were due to expire at the end of this year, but an inflation rate running at 14-year highs warranted an extension of the tariff reprieve until Dec. 31, 2023. That means the tariff rate for imported rice will stay at 35%, while the import levies on corn and pork products will remain at 5%-15% and 15%-25% respectively, the press secretary's office said in a statement. At 8.0% in November, consumer price inflation is well beyond the Philippine central bank's target range of 2%-4% for this year and the medium term. "We are determined to steer the Philippine economy to meet the 6.0%-7.0% economic growth target for 2023," Balisacan said.

☆ Philippine central bank will 'follow the Fed's drumbeat,' says economist
▼ + stars: | 2022-12-15 | 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 will 'follow the Fed's drumbeat,' says economistMohamed Faiz Nagutha of BofA Global Research says the Bangko Sentral ng Pilipinas is likely to continue hiking rates in early 2023, following the U.S. Federal Reserve.

☆ Philippine economic managers back bill creating sovereign fund
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 9 (Reuters) - Philippine economic officials have thrown their support behind the creation of a sovereign wealth fund backed by President Ferdinand Marcos Jr amid opposition from some groups due to concerns over the risk of corruption and transparency. The economic managers "strongly support" the proposed sovereign wealth fund to generate additional income for the government, Finance Secretary Benjamin Diokno told a media briefing, as he called for the speedy passage of the bill creating the fund. "Direct benefits of the (fund) include increased investments in and funding of big ticket infrastructure projects, high return on green and blue projects, and countryside development including agriculture," Diokno said, reading a joint statement. Authors of the bill have agreed to remove that contentious provision, and instead proposed utilising the profits of the Philippine central bank to bankroll the fund. The plans come as neighbours like Malaysia and Singapore and more recently Indonesia have established sovereign wealth funds, with mixed results.

Costlier vegetables drove food inflation up to 10.0% in November from a year earlier, the fastest pace since September 2018, due to supply constraints caused by a typhoon. Excluding the volatile food and energy components, the core CPI rose 6.5%, faster than October's 5.9%. Year-to-date inflation stood at 5.6%, well outside the central bank's 2%-4% target for the year. ING economist Nicholas Mapa said the central bank would likely opt for a 50-basis point rate hike this month, which would take the policy rate (PHCBIR=ECI) to 5.50%. "Demand side pressures persist with revenge spending related items like restaurant and personal services seeing higher inflation," Mapa said in a message on Twitter.

☆ The Philippines will experience "low growth" in 2023: Central bank
▼ + stars: | 2022-11-18 | 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 EmailThe Philippines will experience "low growth" in 2023, not recession: Central bankFelipe Medalla, Governor of Bangko Sentral ng Pilipinas, discusses the macroeconomic outlook for the Philippines next year, and says "the question is not a recession but the extent to which growth is declined."

☆ Philippine central bank to raise rates by 75 bps- Reuters poll
▼ + stars: | 2022-11-15 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +2 min

The BSP has already raised its key rate by a total of 225 basis points since May. Three-quarters of respondents, 12 of 16, forecast a 50 basis point rise in December to 5.50%. Six of 16 expected a 50 basis point hike, five expected a 25 basis point move while five others did not expect any move after December. The median forecast shows a higher terminal rate of 5.75% by end-Q1, compared with expectations of 5.00% by end-December in a September poll. Four big banks, Goldman Sachs, Nomura, DBS and UOB, estimated a terminal rate as high as 6.00% while HSBC predicted 6.25%.

The economy would likely grow above the government's 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product (GDP) rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed. "While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation," Balisacan said. Balisacan said the government remained committed to fighting inflation to protect people's purchasing power, including by tightening monetary policy. "In the face of surging prices, that's a big upside surprise," said ING economist Nicholas Mapa.

☆ Philippines October inflation at highest since December 2008
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

MANILA, Nov 4 (Reuters) - Philippine annual inflation accelerated to 7.7% in October (PHCPI=ECI), the highest since December 2008 and up from the previous month's 6.9%, the statistics agency said on Friday. Last month's inflation rate was above the 7.1% median forecast in a Reuters poll, and near the top end of the central bank's 7.1% to 7.9% forecast for the month. Inflation in January-October averaged 5.4%, well outside the official full-year target range of 2% to 4%. Core inflation, which strips out volatile food and fuel items, increased to 5.9% in October from an upwardly revised 5.0% in September, the Philippine Statistics Authority said. Reporting by Neil Jerome Morales; Writing by Enrico Dela Cruz Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines central bank deputy governor discusses digital asset regulation
▼ + stars: | 2022-11-03 | 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 EmailPhilippines central bank deputy governor discusses digital asset regulationChuchi Fonacier of the Bangko Sentral ng Pilipinas says regulators have to strike the right balance in creating an environment that allows innovation while ensuring the safety of the financial system.

"(The Fed hike) supports the BSP's stance to hike its policy rate by the same amount in its next policy meeting on Nov. 17," Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a statement. "The BSP deems it necessary to maintain the interest rate differential prevailing before the most recent Fed rate hike, in line with its price stability mandate and the need to temper any impact on the country's exchange rate of the most recent Fed rate hike," he said. Ruling out an off-cycle policy move, Medalla said the hike would be effective after the Nov. 17 meeting. Economists welcomed the rate hike signal, viewing it as intended to reassure markets. Roces expects rate increases of 75 bps this month and 50 bps on Dec. 15, the last policy meeting this year.

☆ Philippines c.bank's policy settings remain accommodative, says governor
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

MANILA, Oct 12 (Reuters) - The Philippines central bank's monetary policy settings remain accommodative, its governor said on Wednesday. Bangko Sentral ng Pilipinas Governor Felipe Medalla also told a banking forum bringing inflation back to target remains the bank's "paramount" focus. Register now for FREE unlimited access to Reuters.com RegisterReporting by Neil Jerome Morales; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ IMF cuts 2022, 2023 growth forecast for Philippines
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterMANILA, Sept 26 (Reuters) - The International Monetary Fund (IMF) on Monday slashed its growth forecasts for the Philippines for this year and next to reflect the impact of a global economic slowdown and tightening financial conditions. The IMF said economic growth in the Southeast Asian country this year would hit 6.5%, weaker than its previous forecast of 6.7%, while growth next year is seen at 5.0%, also slower than its earlier estimate of 6.3%. The growth outlook is subject to "significant downside risks," Cheng Hoon Lim, IMF mission head, said in a news conference. She also said the Philippine central bank's "continued near-term tightening was appropriate." Register now for FREE unlimited access to Reuters.com RegisterReporting by Neil Jerome Morales; Editing by Kanupriya Kapoor and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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