Fitch Solutions, a unit of the Fitch Group, said Monday it expects the Bangko Sentral ng Pilipinas to further increase the policy interest rate to 4.50 percent this year from 3.75 percent to ease price pressures in the coming months. READ:
the policy interest rate to 4.50 percent this year from 3.75 percent to ease price pressures in the coming months.
Fitch Solutions noted that the Philippine peso came under significant depreciatory pressure as a result of tightening credit conditions globally. “This will likely prompt the BSP to hike rates further in order to safeguard external stability,” Fitch Solutions said. “The BSP’s latest baseline forecasts have shifted higher for 2022, with average inflation projected to breach the upper end of the 2 percent to 4 percent target range at 5.4 percent,” Medalla said.
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