BSP revises inflation outlook upward, keeps policy settings unchanged

The Monetary Board of the Bangko Sentral ng Pilipinas on Monday decided to keep policy rates at 16-year-highs for the fourth straight meeting, as it hiked its inflation forecast for the year.In a briefing on Thursday, BSP governor Eli Remolona Jr. said the MB kept the target reverse repurchase rate at 6.5%, the overnight deposit rate at 6.0%, and the overnight lending facility rate at 7.0%.This comes as the risk-adjusted inflation outlook was revised upward to 4.0% from the previous 3.

Results of a survey released last week show that the controlling inflation was the top concern of Filipinos across geographical areas and socio-economic classes.Inflation clocked in at 3.7% in March, faster than the 3.4% in the previous month. Rice inflation, however, has hit a 15-year high of 24.4%.Remolona said that while upside risks to inflation have raised expectations, these remained broadly anchored, and that domestic growth prospects continue to “largely intact” over the medium term.

BSP Inflation Policy Rates

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