The Bangko Sentral ng Pilipinas is expected to continue raising its benchmark rate to a peak of 6.5 percent by the end of the first half of the year in a bid to rein in accelerating inflation, according to Fitch Solutions. /PDI
“This implies, in our view, that the BSP will look to ensure inflation has become further entrenched within its 2- to 4- percent target, and so it will take longer to unwind some of its policy rate hikes,” Nomura said.
On Monday, the Bureau of the Treasury made a partial award of the government’s 91-day and 182-day debt paper, raising P3.55 billion and P4.5 billion, respectively, while raising the full P5 billion from the 364-day T-bills. Michael Ricafort, chief economist of Rizal Commercial Banking Corp., told the Inquirer that the auction yields posted a bigger week-on-week increase after the latest rate hike by the BSP.
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