The Bangko Sentral ng Pilipinas’ Monetary Board is expected to raise the benchmark rate by 50 basis points next Thursday, June 23, to 2.75 percent, higher than what has been signalled earlier by two high-ranking BSP officials of 25 bps.
After the Monetary Board raised the overnight reverse repurchase rate last May 19 by 25 bps – the first time it moved the key rate since Nov. 18, 2020 – outgoing BSP Governor Benjamin E. Diokno and his replacement, Monetary Board member Felipe M. Medalla both signalled another 25 bps rate hike on June 23, and possibly a third 25-bps increase on Aug. 18. The BSP policy rate is currently at 2.25 percent.
“A very narrow gap between US and local interest rates will likely exert more pressure on the peso, which will eventually translate to more inflation.
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