The Bangko Sentral ng Pilipinas (BSP) does not have to follow the US Federal Reserve’s rate hike, but is keeping a close eye on inflation risks, BSP Governor Benjamin E. Diokno said. READ:
ByTHE Bangko Sentral ng Pilipinas does not have to follow the US Federal Reserve’s rate hike“We do not necessarily have to move in pace with the monetary policy adjustments of the US Fed,” Mr. Diokno said at a virtual briefing on Thursday.
Before the Fed announcement, Mr. Diokno on Wednesday said the BSP would remain patient and was still looking to start adjusting interest rates only by the second half to ensure sustained economic recovery. The first policy review in the second semester is scheduled for June 23.Former BSP Deputy Governor Diwa C. Guinigundo said the Fed’s move came with officials’ full recognition that US inHe noted the BSP has also assessed a scenario where in“The BSP’s baseline forecast of 3.
In 2018, the Fed tightened monetary policy, while local inflation reached multi-year highs due to low rice supply. In the same year, the BSP raised interest rates by 175 basis points. While investors may have already likely priced in the Fed’s policy tightening, Mitsubishi UFJ Group Global Markets Research analyst Sophia Ng said geopolitical tensions in Eastern Europe could cause more volatility in emerging markets like the Philippines.
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