THE Bangko Sentral ng Pilipinas hiked its rates for the third consecutive month on Thursday, in an effort to anchor the rise of consumer prices and inflation expectations.
Moreover, the deputy governor said, second-round effects continue to manifest, with inflation expectations remaining elevated in September following the approved minimum wage and transport fare increases. “The domestic economy can accommodate a reasonable tightening of the monetary policy stance, as demand has generally held firm, owing to improved employment outturns and ample liquidity and credit,” he added.
“The priority is to bring inflation back to within the target band over the medium term. We believe today’s rate hike will help us achieve our price stability objective,” Dakila said. Dakila, however, said the movement of the local currency—which has lost almost P2 pesos in value against the US dollar in September alone—is “expected” and a “natural consequence” of a recovering economy.
Source: Loan Digest (loandigest.net)
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