THE BANGKO SENTRAL ng Pilipinas (BSP) on Thursday raised its key interest rate for a sixth time this year to tame inflation, which it now sees rising to 5.8% by yearend.
As telegraphed by BSP Governor Felipe M. Medalla earlier this month, the Monetary Board increased the overnight reverse repurchase rate by 75 basis points to 5%, the highest in nearly 14 years.
Headline inflation accelerated to a near 14-year high of 7.7% in October, from 6.9% in September and 4% a year earlier. Mr. Medalla said the Monetary Board saw the need for aggressive tightening to “safeguard price stability,” amid the possibility of further second-round effects, persistent inflationary pressures and upside risks to the inflation outlook.
After the BSP’s announcement, the Philippine peso closed at P57.36 versus the US dollar, barely changed from its P57.35 finish on Wednesday. Year to date, the peso has weakened by P6.36 or 11.1% from its P51 close on Dec. 31, 2021. However, Mr. Tsuchiya said a looming recession in developed countries, high inflation, tightening global financial condition and a China slowdown cloud the outlook for the Philippines.ation forecasts for both 2022 and 2023,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said, adding that he also expects a 50-bp hike in December.
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