A rate hike in May?

PHILIPPINES - Report 28 Mar 2018 by Romeo Bernardo and Christine Tang

The signal has been sent. In its press statement following last Thursday’s Monetary Board (MB) decision to keep monetary policy settings on hold, the BSP “noted that inflation expectations have started to rise” and “that economic growth remains solid enough to absorb some policy tightening if warranted.” We said in our previous outlook reports that, considering its growth bias, the MB is unlikely to increase the policy rate earlier than 2Q18.

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