The Bangko Sentral ng Pilipinas is expected to raise its policy rate by 25 basis points or 0.25 percentage point to 6.25 percent on March 23 amid lingering concerns about the health of the global financial system. | RonWDomingoINQ /PDI
Nicholas Mapa, senior economist at ING Bank, said a smaller rate hike this week will serve as an “insurance” considering that inflation remained well-above the government’s target range at 8.6 percent in February.
He added that if inflation slowed further and the BSP did pause in May, the BSP may even reduce banks’ minimum reserve requirements. Robert Dan Roces, chief economist at Security Bank Corp., agrees because he believes that the MB’s decision will still be driven by concerns over rising inflation, a desire to stabilize the Philippine peso, and an effort to attract foreign investments.
Taimur Baig, global chief economist at Singapore-based DBS, said the task of central banks has become acutely difficult after the failure of Silicon Valley Bank and Signature Bank.
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