Fitch Solutions increases ’22 BSP rate hike forecast

Hawkish statements from Philippine monetary authorities made Fitch Solutions Country Risk and Industry Research hike its policy rate increase projections for the Bangko Sentral ng Pilipinas by end-2022 to 4.5 percent.

The rate of price increases accelerated last July when it rose to 6.4 percent, the highest since October 2018.“We believe that the Philippines’ economic resilience will also provide more room for the central bank to normalize its monetary policy,” the report said. This made Fitch Solutions revised upwards its growth forecast for the country this year to 6.6 percent from 6.1 percent previously.

Fitch Solutions forecasts domestic inflation rate to average at 5.6 percent this year “implying our expectations for inflation to remain well above the 4 percent ceiling of the BSP’s target throughout the rest of the year.”

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