PHILIPPINE monetary authorities are unlikely to cut key rates ahead of the US Federal Reserve despite pronouncements to the contrary, analysts said.
Last week, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said the Monetary Board could start easing in August, before a widely-expected Fed move in September.The central bank chief said they were not worried about the possible impact on the peso and attributed the confidence as due to lower-than-expected April inflation.The market had expected a breach of the 2.0- to 4.0-percent target of 4.1 percent, but the rate — while up from March's 3.7 percent — came in at 3.8 percent.
25 percent by year-end,' he added.Remolona has said that one or two rate cuts could be ordered in the second half of the year, with a 'range of between 25 and 50 for the rest of 2024.'ING Manila Bank senior economist Nicholas Antonio Mapa also said that despite the recent shift in the BSP's tone from hawkish, its rate cuts would still commence after the Fed.
Still Expect BSP To Move After Fed
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