The Bangko Sentral ng Pilipinas is seen to remain hawkish, to take its cue from the US Federal Reserve and raise its policy rate but more slowly in February. | RonWDomingoINQ /PDI
Still, the group expects full-year inflation this year to register above-target at 4.8 percent.
“All of these suggest that despite inflation peaking late last year, we could see inflation face only a slow grind lower in 2023,” it added.“Given our expectation for inflation to be sticky on the downtrend, we expect the [BSP] to remain hawkish in early 2023,” ING Bank said. “We could see BSP roll out additional rate hikes to match moves by the Fed.”
This would bring the policy rate to 6 percent by the end of the first quarter from 5.5 percent currently.
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