Investors will be watching key resistance levels after the benchmark Philippine Stock Exchange index rallied in the first week of 2023 on bets over the reopening of China and slowing domestic inflation in the coming months.
On Jan. 5, the Philippine Statistics Authority said inflation in December rose to 8.1 percent, bringing the full-year average to 5.8 percent.
Bank of the Philippine Islands said there was room for the BSP to further hike interest rates “in the first half of the year,” adding: “Recent indicators have shown that demand remains strong as consumers continue to engage in revenge spending, and there might be a need to temper this through rate hikes in order to guide inflation back to the preferred path.”
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