Philippines to Stand Pat on Rate as Weak Peso Limits Options

-- The Philippine central bank is set to maintain its benchmark interest rate at a 17-year high on Thursday, as weakness in the local currency and stubborn inflation keep policymakers from pivoting to easing yet.US Inflation Ebbs for First Time in Six Months in Relief for FedAll 26 economists in a Bloomberg survey expect the Bangko Sentral ng Pilipinas to leave the target rate steady at 6.5% for a fifth straight meeting.

As the peso was being battered about a month ago, BSP Governor Eli Remolona had then said that the currency’s slide wasn’t enough to derail monetary easing later this year or in early 2025. Analysts will pay close attention to his remarks Thursday.“Solid growth amid a still sticky inflation backdrop provides room for BSP to remain focused on price pressures in the near-term,” said economists Lavanya Venkateswaran and Jonathan Ng from Oversea-Chinese Banking Corp. in Singapore.

“A sustained deceleration of inflation and disappointment on the growth front could convince the BSP to cut rates as soon as the Fed does later this year,” said senior economist Nicholas Mapa from ING Groep NV.Silicon Valley Is Searching for Its Piece of the AI ActionBill Ackman, the renowned billionaire hedge fund manager of Pershing Square Capital Management, maintains a portfolio of only eight stocks. This focused approach allows him to invest heavily in...

A U.S. Department of Justice investigation into TD Bank was focused on how Chinese drug traffickers and crime groups used Canada's second-largest lender to launder their money from fentanyl sales, the Wall Street Journal reported earlier this month. Five members of the finance committee requested to discuss recent revelations regarding TD Bank and allegations of failing to report money laundering related to trafficking of fentanyl, the House of Commons committee said on Tuesday.

Source: Loan Digest (loandigest.net)

Philippine Central Bank Philippine Daily Inquirer Benchmark Interest Rate Philippines Ralph Recto Local Currency

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