THE PHILIPPINE central bank is widely expected to raise benchmark interest rates by 50 basis points (bps) at its meeting on Thursday, as the US Federal Reserve is also likely to tighten policy this week.
poll last week showed 14 out of 15 analysts expect the Monetary Board to continue hiking borrowing costs at its Dec. 15 meeting.
“The rise in the prices of goods and services during the period leading up to and including Christmas can have implications for ination as it causes retailers to raise prices to capitalize on the increased demand for their products,” he said. After hitting a new record low of P59 per dollar this year, the peso has rebounded, returning to the P55 level this month.
“Both the BSP and the National Government will need to keep a close eye on the trajectory of core inflation, which could bleed into therst half of 2023 and prove more difficult to tame if left unchecked,” Security Bank’s Mr. Roces said. The BSP is also likely to continue mirroring the Fed’s actions until next year, said ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa.
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