The Bangko Sentral ng Pilipinas kept key interest rates steady at 3.5 percent for overnight lending and 2.5 percent for deposits during its last meeting on monetary policy for the year, on expectations of manageable inflation in the near term.
The Bangko Sentral ng Pilipinas kept key interest rates steady at 3.5 percent for overnight lending and 2.5 percent for deposits during its last meeting on monetary policy for the year, on expectations of manageable inflation in the near term.
Deputy Governor Diwa C. Guinigundo said the decision of the Monetary Board, the BSP’s highest policymaking body, was based on its assessment that the outlook for the inflation environment “has been broadly unchanged”.
“This is indicated by the latest baseline forecasts remaining within the target range of 2-4 percent for 2018 to 2019. Inflation expectations also continue to be firmly anchored to the target over the policy horizon,” Guinigundo explained.
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Guinigundo said the Monetary Board kept the inflation forecasts of 3.2 percent for 2017, 3.4 percent for 2018, and 3.2 percent for 2019.
As of end-November, inflation averaged 3.2 percent.
