Bangko Sentral ng Pilipinas Governor Eli Remolona said Friday there is still room for local monetary authorities to increase the
Remolona said in an interview with CNBC the third pause of the Monetary Board on Thursday was a “prudent” move, but the BSP remained ready to hike if the upside risks materialized.
“We think we will be within the striking distance of the target range. We think we will be within the target range by the end of this year and certainly by 2024 and 2025. That is the way we are looking at this,” he said. Remolona said earlier the latest baseline projections continued to show a return to inflation target in the fourth quarter of 2023 despite a generally higher path for inflation relative to the previous forecast from the monetary policy meeting in June, reflecting mainly the impact of higher international oil prices.
BMI, a unit of Fitch Solutions, said the BSP might be keeping the key interest rates until the early part of 2024, especially with the onset of the El Nino weather condition that could pose inflationary pressures going forward. BMI said maintaining currency stability would be a key consideration in the BSP’s near-term policy decisions. The Philippine peso depreciated by about 1.9 percent against the US dollar this year and is currently trending towards a one-year low of P59.47 a dollar.
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