The Bangko Sentral ng Pilipinas is seen to continue hiking the country’s key policy rate in the first half of 2023 due to the elevated inflation, Fitch Solutions said on Monday. In a statemen…
The Bangko Sentral ng Pilipinas is seen to continue hiking the country’s key policy rate in the first half of 2023 due to the elevated inflation, Fitch Solutions said on Monday.
The country’s benchmark interest rate, used by banks to price loans, is now at 6 percent. It was raised by a cumulative 400 bps since last year. Inflation hit a fresh 14-year high in January 2023 to 8.7 percent, beating expectations. January’s consumer price index is also more than double the government’s 2 to 4 percent target range. This was due to higher housing, water and power costs as well as the continued increase in select food prices including vegetables.
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