MANILA : Easing monetary policy is not on the Philippine central bank's radar screen given upside risks to inflation, its governor said on Tuesday.
Bangko Sentral ng Pilipinas chief Eli Remolona, speaking at a gathering with newspaper editors, said sudden policy changes were not advisable because"quick reversals in policy rates ... create uncertainty". The central bank has kept its benchmark interest rate steady at 6.25 per cent for three straight meetings, after a series of hikes totalling 425 basis points since last year, as it balances the need to support growth while keeping inflation in check.
Remolona said the BSP will be data-dependent in its policy-setting, when asked how the central bank will respond if U.S. Federal Reserve raises interest rates further at next month's meeting.The Fed, however, is likely done raising interest rates, according to a majority of economists polled by Reuters between Aug 14-18.
Remolona said the central bank expects economic growth this year to hit the low end of the government's 6 per cent-7 per cent target, despite the slower expansion in the second quarter.The RRR for big lenders was reduced by 250 basis points to 9.5 per cent in June to offset the end of liquidity-enhancing relief measures for banks during the pandemic.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia's biggest warship deployed in Philippine drillsON BOARD THE HMAS CANBERRA: Australia's largest warship took part in joint drills with the Philippines and the United States in the disputed South China Sea on Monday (Aug 21), as they seek to strengthen defence ties in the face of China's growing military presence. China deploys hundreds of coast guard, n
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
The Sierra Madre stand-off: What can the Philippines do against China?It focuses attention on challenges S-E Asian states face in disputes with Beijing in S. China Sea. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »
Philippines completes mission to disputed shoal after Chinese water cannon incidentChina said it “made temporary arrangements” for Manila to deliver food and necessities. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »
Philippines says resupply mission reaches remote South China Sea outpostMANILA: The Philippines said a resupply mission had reached a remote outpost in the disputed South China Sea on Tuesday (Aug 22), despite attempts by Chinese vessels to 'block' the boats carrying provisions for Filipino marines. China claims almost the entire waterway, through which trillions of dollars in
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Bank of Korea seen on hold for rest of year, to cut rates early in 2024 : Reuters pollBENGALURU : The Bank of Korea will leave its key policy rate unchanged at 3.50 per cent for a fifth consecutive meeting on Thursday and hold it steady for the rest of this year as inflation continues to ease and household debt remains high, a Reuters poll found.With inflation easing to 2.3 per cent in Jul
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Sri Lanka's July consumer inflation eases to 4.6%COLOMBO : Sri Lanka’s consumer price inflation slowed to 4.6 per cent year-on-year in July from 10.8 per cent in June, helped by easing food prices, the statistics department said on Monday. The National Consumer Price Index (NCPI) captures broader retail price inflation and is released with a lag of 21
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »