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BSP likely to keep benchmark rate unchanged in near-term: official

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Lady Vicencio, ABS-CBN News

<p>MANILA -- The Bangko Sentral ng Pilipinas (BSP) is likely to keep the benchmark interest rate unchanged in the near term, an official said on Tuesday.</p><p>During the Philippine Economic Briefing in Dubai, BSP Deputy Governor Francisco Dakila Jr. said BSP Governor Eli Remolona wants inflation to be within the government’s target range of 2 to 4 percent before changing the central bank’s policy rate.</p><p>Philippine headline inflation accelerated to 5.3 percent in August after slowing for six consecutive months. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/05/23/inflation-quickens-to-53-percent-in-august">Inflation quickens to 5.3 pct in August as rice, fuel costs rise</a></li></ul><p>“The Monetary Board has kept the policy interest rate unchanged for several meetings now. And the governor has given forward guidance that we would like to see inflation go back at least to within target before any change in the monetary policy stance is contemplated,&quot; Dakila said.</p><p>&quot;And that&#x27;s also because of the need to safeguard inflation expectations which has been anchored to the inflation target. Expectations coming from our survey respondents indicate that inflation would go back to within target starting next year,” he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/17/23/bsp-keeps-interest-rates-steady">BSP keeps interest rates steady at 6.25 percent</a></li></ul><p>Economic managers still expect inflation to hit its target range of 2 to 4 percent by the fourth quarter of 2023.</p><p>Despite the optimistic projections, Dakila noted that risks to inflation, including upticks in food and transport inflation, persists for this year and the next.</p><p>“The BSP’s previous monetary tightening is still working its way through the economy, and the Board has seen it prudent to keep a steady hand on our monetary policy levers,&quot; he said.</p><p>&quot;While the downward trajectory of headline inflation reaffirms our assessment that inflation would revert towards the target range by yearend in the absence of supply shocks, upside risks continue to lean towards the upside over the near term.&quot;</p><p>&quot;Hence the case for vigilance remains,” Dakila explained.</p><p>The BSP has kept its interest policy rate unchanged at 6.25 percent for the past three meetings.</p><p>The Monetary Board is set to convene on September 21.</p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/9i132GYO2S4?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

The Bangko Sentral ng Pilipinas (BSP) is likely to keep the benchmark interest rate unchanged.

BSP likely to keep benchmark rate unchanged in near-term: official

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BSP likely to keep benchmark rate unchanged in near-term: official

Lady Vicencio,

ABS-CBN News

Published Sep 13, 2023 09:16 AM PHT

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Updated Sep 13, 2023 09:55 AM PHT

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