No change in monetary policy settings

PHILIPPINES - In Brief 22 Jun 2023 by Romeo Bernardo
There were no surprises in today’s Monetary Board meeting. Authorities decided to keep interest rates steady, maintaining the key overnight policy rate at 6.25%. The BSP’s inflation outlook showed price increases easing over the medium-term. There were slight tweaks to the forecasts, with inflation now expected to average 5.4% this year (down from the previous 5.5% forecast) and 2.9% in 2024 (up from 2.8%). Inflation is expected to remain within the 3-4% target range through 2025, averaging 3.2%. Just 10 days away from the end of Governor Felipe Medalla’s term, the financial community is still waiting for the President to name his choice for next governor. The term of office of Governor Medalla, along with three other members of the seven-member Monetary Board, ends on July 2.

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