WATCH: Is the peso weak because the dollar is strong? Watch this explainer by Rappler’s business reporter RalfRivas to find out. 👀 READ:
Here’s how that will impact your money:– A higher interest rate set by the BSP means higher interest you need to pay for outstanding debt of credit cards not paid off by the due date.– Current rate hikes don’t affect your auto and housing loans if these loans are on a fixed-rate basis. But new loans or loans with variable-rate financing will be more expensive.– Interest rate hikes encourage people to save, but it will take time for banks to implement higher deposit rates.
“As borrowing costs rise, households are also less inclined to spend, especially on durable goods and houses. Softening demand and weaker global growth pose challenges for Asian manufacturing and exports,” the ADB said. While Philippine households reliant on overseas remittances would get more cash due to the peso hitting P58 against the dollar, currency depreciation increases inflationary pressures.
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