Deutsche Bank Research’s chief Asia economist Juliana Lee also projected the BSP would keep key interest rates steady “despite increasing downside risks to the Philippines’ economic growth in the third quarter amid recurring COVID-19 outbreaks, as the latter also weigh on the peso.”
In a report last week, Goldman Sachs Economics Research said it expected the BSP “to be patient in normalizing policy rates, keeping the policy rate on hold until late 2022.” In contrast, London-based Capital Economics said the latest inflation data “opens the door to further easing to support the economy, which remains in a very weak state.”
“Our forecast is that the BSP will cut rates in September, but an early rate cut cannot be ruled out given the worsening economic outlook. The central bank has also flagged the possibility of a cut to the reserve requirement ratio,” it said.
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