Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Wednesday did not rule out further hikes in the central bank’s key policy rates, citing the need to address factors affecting inflation.…
Bangko Sentral ng Pilipinas Governor Felipe Medalla on Wednesday did not rule out further hikes in the central bank’s key policy rates, citing the need to address factors affecting inflation.
“As to whether there will be more rate hikes in the remaining meetings, we will not rule them because as you know, we want the midpoint of the forecast for next year to be below 4 . And for 2024, as close to 3 as possible,” he said.The rate of price increases in the first seven months of the year averaged at 4.7 percent, with the July figure rising to 6.4 percent, the highest since October 2018.
He said correlation of the expansion of domestic economy and the global economy has lessened due to reliance of the domestic economy to inflows from overseas Filipino workers and the business process outsourcing sector, among others.“So if those factors work in our direction, when food supply improves, if petroleum prices fall, then we will need fewer rate hikes,” he said.
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