BSP chief says 25-bp rate increase ‘likely’ - BusinessWorld Online

THE PHILIPPINE central bank said on Monday it would likely raise interest rates by 25 basis points on Thursday, despite“I think most likely 25 bps. Most likely. We’re not sure but we go by the data. And we don’t have to keep in step with the Fed because if you really look at the real interest rate and inflation, we are too far,” Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno told reporters in mixed English and Filipino on Monday.

Felipe M. Medalla, current Monetary Board member and incoming BSP governor, said that there would be two more rate hikes this year and possibly more if elevated inflation persists. “We are actually now preparing for a series of 25-bp increase. Exactly how many? We know it’s at least two more for this year, if necessary, more than two more, and if necessary, more increases in 2023,” he told the ABS-CBN News Channel on Monday.he “personally does not like 50 bps,” after being asked if the BSP would consider hikes bigger than 25 bps.ation from one month to the next will be consistent with the target of 2-4%,” he said.ation rose to 5.

The Fed approved a 75-bp interest rate hike, its biggest in three decades, as it sought to tame stubbornly high inflation. Also last week, the Bank of England increased rates for a fifth time since December, while the Swiss National Bank raised rates for the first time in 15 years.“This gap between Philippine interest rates and US interest rates has to be seen in a global context. If we look at all currencies combined, we are actually appreciating.

After June 23, the Monetary Board has four more policy meetings scheduled this year — Aug. 18, Sept. 22, Nov. 11, and Dec. 15. –

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