The Bangko Sentral ng Pilipinas is expected to resume its tightening cycle by delivering a 25-basis-point hike next month as inflation quickened for the second straight month to hit a five-month high
Chutchotitham noted that BSP Governor Eli Remolona Jr. signaled a possible rate hike next month, which he said would not be the last. The BSP chief is also open for a possible off-cycle rate hike before the next rate-setting meeting.MANILA, Philippines — The Bangko Sentral ng Pilipinas is expected to resume its tightening cycle by delivering a 25-basis-point hike next month as inflation quickened for the second straight month to hit a five-month high of 6.
However, Citi’s commodity research team expects Brent crude oil prices to ease toward an average of $82 per barrel in the fourth quarter and $74 per barrel in 2024. Citi also raised its inflation forecasts to six percent from 5.6 percent for 2023 and to 3.4 percent from 3.1 percent for 2024 due to the higher-than-expected outturn in September.
“We now forecast a 25-basis-point policy rate hike to 6.50 percent by the BSP at its meeting on Nov. 16 and push the start of its cutting cycle to May 2024 instead of March,” Paracuelles said. Neri pointed out that the risk of further peso depreciation is significant right now because of the recent behavior of oil prices and the surge in US yields.
In two months alone, I have had the privilege to speak at major, well-attended business conferences offered to mostly HR people on employee engagement and the need to bring humanity back into human resources.
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