— The Bangko Sentral ng Pilipinas’ Monetary Board has kept interest rates steady for the fourth straight meeting despite last month’s hotter inflation report.Interest rates on the overnight deposit and lending facilities were also retained at 5.75 percent and 6.75 percent, respectively.
“At the same time, the Monetary Board noted that recent indicators of domestic economic activity pointed to waning pent-up demand, even as the impact of prior monetary policy tightening continues to weigh on credit,” the official said. Monetary officials also made upward adjustments for their 2023 and 2024 forecasts amid risks brought by “spillovers” from weather disturbances, surging fuel prices in the global market, and the recent weakening of the peso.For 2025, the central bank still sees the average inflation to reach 3.4%.
Source: Loan Digest (loandigest.net)
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