The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), kept the policy rate steady at at
It was the fourth pause in the tightening cycle by local monetary authorities, but BSP Governor and MB chairman Eli Remolona said a rate hike “remained on the table in November.”
The US Federal Reserve also left its benchmark interest rate unchanged on Wednesday for the second time in its past three meetings to the target range of 5.25 to 5.50 percent, which many considered a sign that it’s moderating its fight against inflation as price pressures eased. Average inflation is now seen to reach 5.8 percent in 2023, up from 5.6 percent previously, while the forecast for 2024 was adjusted to 3.5 percent from 3.3 percent. For 2025, the forecast is unchanged at 3.4 percent.
He said the MB noted that recent indicators of domestic economic activity pointed to waning pent-up demand, even as the impact of prior monetary policy tightening continues to weigh on credit.
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