THE BANGKO SENTRAL ng Pilipinas (BSP) signaled further tightening in 2023, as it aims to bring inflation to near 3% by the third quarter.
“Our goal is to have inflation between 2-4%, preferably closer to 3% than to 4% by the third quarter of next year, and then the fourth quarter until 2024 will also be like that. That’s our goal,” BSP Governor Felipe M. Medalla told reporters on Tuesday.ation at the national level accelerated to a 14-year high of 8% in November, bringing the full-year average to 5.6%. This is lower than the BSP’s 5.8% full-year forecast but well above its 2-4% target.
“I would say we’re data dependent, but clearly…one cannot rule out that after two meetings next year, there’d be no more rate hikes. But given the nature of surprises, one can never say never,” he said in a mix of Tagalog and English. He also said the BSP may consider smaller rate hikes next year, noting there is a higher chance of 25-bp or 50-bp rate increases at its next two policy meetings.ect the BSP’s policy decisions moving forward.
Asked if the dollar is starting to weaken against the peso, Mr. Medalla said it is not surprising given that the pace of rate hikes by the US central bank is beginning to slow.
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