Bangko Sentral Governor Eli Remolona said the central bank is unlikely to cut the benchmark policy rate, while a 25-basis point hike is still possible.
MANILA -- Bangko Sentral ng Pilipinas Governor Eli Remolona on Wednesday said the central bank is unlikely to cut the benchmark policy rate, while a 25-basis point hike is still possible as inflation accelerated for 2 consecutive months.
“I wouldn’t say that we’re done with the tightening. I would say it’s a serious concern whether supply shocks will have a lasting impact,” Remolona said. Balisacan emphasized that factors driving inflation are on the supply side and not on the demand side addressed by monetary policy. “We are considering hikes, but we’re going where the data will lead us. I don’t think Arsi’s views and our views are that far apart. I think what Arsi really meant was we shouldn’t go for very aggressive hikes. But I wouldn’t rule out 25 basis points for example,” Remolona said.Remolona added the BSP is trying to balance tempering demand-side inflation and sustaining economic growth.
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