BANGKO Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Thursday preemptively announced that the Monetary Board would be raising key interest rates by 75 basis points (bps)...
BANGKO Sentral ng Pilipinas Governor Felipe Medalla on Thursday preemptively announced that the Monetary Board would be raising key interest rates by 75 basis points when it meets on November 17.Analysts said the adjustment was expected as the US Federal Reserve had just continued raising its own rates by another 75 bps, with the only question being that of the likelihood of a December repeat.Both the stock market and peso were down at mid-day. The Philippine Stock Exchange index had lost 86.
3 percent in the previous month and well above the BSP's full-year target of 2.0-4.0 percent. Official October data will be released tomorrow, Nov. 4.Reacting to Medalla's announcement, Rizal Commercial Banking Corp. chief economist Michael Ricafort said: 'The latest signals/reiterations on a local policy rate hike of as much as +0.
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