The Bangko Sentral ng Pilipinas will likely keep borrowing costs restrictive at its meeting this month despite inflation staying within the two to four percent target in May as risks continue to persist.
While headline inflation has gradually picked up to 3.9 percent in May since February, Bank of the Philippine Islands lead economist Jun Neri said the month-on-month figures have surprised on the downside for the past three months.MANILA, Philippines — The Bangko Sentral ng Pilipinas will likely keep borrowing costs restrictive at its meeting this month despite inflation staying within the two to four percent target in May as risks continue to persist.
But the timing and size of future rate cuts would also depend on the future policy decisions of the US Federal Reserve. “Our forecasts are based on the assumption that the BSP would adjust policy stance to ensure that it is not too tight to support economic momentum,” she said. The Philippine economy has also been resilient as loan growth accelerated for the seventh straight month to 9.6 percent in April from 9.4 percent in March.
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