THE BANGKO SENTRAL ng Pilipinas (BSP) is likely to raise benchmark interest rates by 25 or 50 basis points (bps) at its meeting in February, its governor said, citing the need to anchor inflation expectations.
rates by 25 or 50 basis points at its meeting in February, its governor said, citing the need to anchor inflation expectations.
The Monetary Board has raised rates by a total of 350 bps last year to tame inflation and slow the peso’s decline. This brought the policy rate to a 14-year high of 5.5%. Inflation rose to 8.1% in December, from 8% in November and 3.1% in December 2021. This brought the average inflation in 2022 to 5.8%, the highest in 14 years.
“Now, what if we don’t even need to do more rate hikes? It’s easy to reverse that later. I would rather cut rates in that scenario than scramble to raise interest rates. The moment the people start to not trust us anymore, that would be a more difficult path to take,” he said in mixed English and Tagalog.
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