Bangko Sentral ng Pilipinas Governor Felipe M. Medalla has signalled on Wednesday, Aug. 17, of further tightening of the monetary policy stance in the next meetings and hinted the possibility of more rate hikes until 2023.
The BSP chief said he will “not rule them out,” referring to rate hikes in the remaining meetings this year. After Aug. 18, other policy rate meetings will be held on Sept. 22, Nov. 17 and Dec. 15. Medalla noted that what drives inflation are shocks that happen to three to seven months later. “By their very nature, whether prices of imports, they are very difficult to forecast. That’s the nature of the beast in inflation forecasting. And, that’s why we don’t really want to forecast beyond two years. In fact, personally I think any forecast beyond 18 months is not very useful,” he said.
During his presentation in the forum, Medalla stressed that the latest inflation prints, which was 6.4 percent in July, has led to “intensifying inflation pressures” while second round effects to inflation have emerged such as wage increases and transport fare hikes resulting from elevated oil and food prices.
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