The Bangko Sentral ng Pilipinas (BSP) is expected to be aggressive in increasing interest rates this week on the back of the 8.7-percent inflation rate recorded in January 2023, according to Moody’s Analytics. Know more:
THE Bangko Sentral ng Pilipinas is expected to be aggressive in increasing interest rates this week on the back of the 8.7-percent inflation rate recorded in January 2023, according to Moody’s Analytics.
“Odds are high that the monetary policy tightening cycle will run for longer in the Philippines than elsewhere in Asia, given stubbornly elevated inflation,” Moody’s Analytics said. They said job losses cannot be discounted at this point given that high inflation could translate to higher production losses incurred by firms nationwide.
In its latest forecast, Oxford Economics said the country’s economic growth will only reach 4.1 percent this year and 4.5 percent in 2024 on the back of sticky inflation, which is expected to dampen demand.
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