BANKING giant Standard Chartered Bank projects Philippine economic expansion to meet the government's target, but warned that slow vaccination progress and persistently high inflation are major risks to growth.'We do expect Philippine GDP growth to rebound to 7.5 percent this year,' its economist for Asia and the Philippines, Jonathan Koh, announced during a virtual briefing on Friday.
Furthermore, Standard Chartered expects the Bangko Sentral ng Pilipinas to begin normalization of its monetary policy in late 2022 by hiking its benchmark interest rates by 50 basis points during the fourth quarter.If loan growth picks up strongly in 2022, the bank also sees a reduction in the reserve requirement ratio.During this time, Koh underlined that poor vaccination progress and persistently rising inflation necessitated a sharp monetary policy reaction are the main threats to growth.
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