Central Bank of the Philippines Interest Rate Hiked to 6.25%
March 23, 2023
The new Filipino overnight repo rate of 6.25% marks its highest level since 2007 and a rise of 425 basis points since the pandemic low of 2.0%. CPI inflation of 8.6% last month was almost as high as January’s 14-year peak of 8.7%. Projected inflation has been revised upward but is seen setting in the middle of the 2-4% target next year. A released statement opines “that the Philippine banking system is resilient to evolving market conditions” and “reassures the public that monetary authorities remain ready to respond further to inflation risks in line with the BSP’s data-dependent approach to ensuring price and financial stability.”
Copyright 2023, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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