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MANILA — The Philippines’ key policy rate, currently at a 17-year high of 6.50%, could be reduced by as much as 150 basis points in the next two years on the back of an improving outlook for inflation, its finance minister said on Monday.
“Surely, I don’t expect interest rates to go any higher. If not, if there is time, they will start to go down, maybe 150 bps in the next two years,” Mr. Recto told an economic forum. While the central bank expected “higher inflation” from May to July, the pace of consumer price increases should “revert back to target range” after that, Bangko Sentral ng Pilipinas senior assistant governor Iluminada Sicat told the same forum.
The Philippine central bank, which kept its benchmark rate steady at its last five meetings, has said it was looking to cut rates by 25 basis points as early as August and by another 25 basis points in the fourth quarter. Such a move would put it ahead of major central banks including the Federal Reserve which is expected to deliver its first rate cut in September or slightly later.
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