Central Bank of The Philippines

Nothing but Red on the Screens

May 19, 2022

It’s no longer about the data, or the news for that matter. A self-perpetuating technically-driven downward dynamic has taken over financial markets. For the Nasdaq, the bear market threshold was breached a while ago. S&P futures are within a percent of bear market territory, and its only a matter of time before the Dow joins […] More

Stagflationary Outlook Gaining Traction and Western Leaders in Brussels Plan Contingent Plans for Ukraine Crisis

March 24, 2022

The world’s attention today is on Brussels where U.S. President Biden will be meeting with NATO allies, the European Council of political leaders, and Other Group of Seven members. The meetings are meant to coordinate a response to Russia’s continuing invasion of Ukraine, where the use of Russian weapons of mass destruction appears increasingly probable. […] More

Considerable Central Bank News and a Whole Lot More

September 23, 2021

The takeaways from Fed Chairman Powell’s press conference yesterday are that a tapering of Fed bond purchases could begin as soon as right after the next scheduled FOMC meeting and should be drawn down to zero by mid-2022, plus the lift-off date for the fed funds target could occur next year rather than in 2023. […] More

Filipino Central Bank Rate Structure Lowered by 25 Basis Points

August 8, 2019

Monetary officials skipped only one review before resuming their easing. The benchmark rate, which is the reverse repo, was cut by 25 basis points to 4.25%, and the overnight deposit and lending rates were cut to 3.75% and 4.75%, respectively. This is the second reduction in this cycle after an initial one in May. A […] More

50-Basis Point Increase in Filipino Overnight Reverse Repo Central Bank Rate

September 27, 2018

The Monetary Board at Bangko Sentral ng Pilipinas raised its key interest rate at a fourth straight scheduled monthly meeting and did so in the face of mounting inflationary risk that has persuaded officials to envisage a higher inflationary path going immediately forward. According to a released statement, today’s 50-basis point rate hike and 100 […] More

Central Bank of The Philippines

May 11, 2017

Officials at Bangko Sentral ng Pilipinas left all its interest rates unchanged including the key overnight reverse repo rate, which has been at 3.0% since 25-basis point hikes in July and September of 2014. A released statement projects in-target (2-4%) inflation in both 2017 and 2018, while conceding that higher administered prices and proposed tax reforms […] More

No Changes to Filipino Monetary Policy After Latest Board Meeting

June 25, 2015

Not only did the Monetary Board leave the 4.0% overnight borrowing rate, 6.0% overnight lending rate and reserve requirements unchanged after its latest policy meeting, but it also released a statement that reiterates virtually identically the points summarized in my review of the prior meeting held on May 14.  Officials at Bangko Sentral ng Pilipinas […] More

Bangko Sentral ng Pilipinas Retains 4.0% Overnight Borrowing Rate

March 26, 2015

The Filipino Monetary Policy Board engineered its first interest rate hike since May 2011 in July 2014 and followed up that move with a second 25-basis point increase to 4.0% in September 2014.  Those increases reversed half the easing done in 2012.  No changes were done in 2013.  A statement released today after the latest […] More

Central Bank of The Philippines Keeps Policy Interest Rates Unchanged

February 12, 2015

The last two interest rate changes at Bangko Sentral ng Pilipinas, each a hike of 25 basis points, were done last July and September.  These were the first tightenings of policy since May 2011.  There had been four cuts in 2012 and no changes in 2013.  Since September, the overnight borrowing rate has been 4.0%, […] More

Filipino Monetary Policy Settings Kept Steady

June 14, 2012

The Monetary Board of Bangko Sentral ng Pilipinas agreed to retain a 4.0% overnight borrowing rate and a 6.0% overnight lending rate.  These were reduced earlier this year in January by 25 basis points and again by the same amount in March but left unchanged at the April meeting.  Officials “believe that the benign inflation […] More