THE BANGKO Sentral ng Pilipinas (BSP) is expected to remain hawkish for the rest of the year, bringing the policy rate to 4.5% by the end of the year, Fitch Solutions Country Risk & Research said.
“Against the backdrop of the ongoing Russia-Ukraine war and adverse weather conditions in several food-producing countries in the region, energy and food prices will continue to be a signiWhile oil prices have declined recently, the think tank said prices are still higher compared to the 2021 level.
The Philippine economy is expected to continue its recovery this year. Fitch Solutions earlier raised its gross domestic product growth forecast for the Philippines to 6.6% from 6.1% previously. “While we expect growth will likely slow in as a result of rising economic headwinds stemming from a softening global economic outlook, tightening monetary conditions, and elevated energy prices, the 2022 economic performance would still be stronger than the 5.6% recorded in 2021.”Tighter global monetary conditions in the coming months will likely exert more depreciatory pressures on the Philippine peso, Fitch Solutions said.
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