Lower inflation means rate cuts, but pushback is building from inflation and stability concerns

PHILIPPINES - Report 31 Mar 2025 by Diwa Guinigundo and Audrey Herrera-Lim

We believe that benign inflation readings and forecasts should allow the BSP to sustain its easing cycle at least twice this year and in baby steps. Modest easing is critical when uncertainties abound, particularly regarding the prospects for growth and financial stability. With a potentially weak external payments position and the adverse exchange rate pass through, the BSP's monetary policy could, in fact, remain generally cautious until the markers of global and domestic uncertainties relent.

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