“An upward adjustment in the policy interest rate would also prevent inflation expectations from drifting further away from the target band,” BSP Governor Felipe Medalla said.
Medalla says growth to remain strong despite tighter policy50-basis point rate hike on Thursday and flagged the likelihood of more rate increases at itsThe Bangko Sentral ng Pilipinas raised its benchmark interest rateby a half-point for a second straight meeting on Thursday to 6.0%, as expected by a slim majority of economists in a Reuters poll.
“An upward adjustment in the policy interest rate would also prevent inflation expectations from drifting further away from the target band,” BSP Governor Felipe Medalla told a media briefing afterThe Monetary Board believed a strong follow-through monetary policy response was necessary to reduce the risk of breachiLast month’s headline inflation of 8.7%, which blew past expectations, prompted the central bank to raise its average inflation forecasts for 2023 and 2024 to 6.1% from 4.5% and to 3.
Despite further policy tightening, Medalla said, growth this year was expected to remain on solid ground due to pent-up demand.Taking the cue from the BSP, Capital Economics said in a note it was now expecting two more 25-bps rate hikes this year and ruled out any rate cuts it had penciled in for later in 2023.
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