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Friday, March 29, 2024

BSP likely to keep rates steady

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The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, is expected to maintain the benchmark interest rates steady in its meeting Thursday mainly on the back of manageable inflation environment and favorable economic growth prospects, ING Bank Manila said in a report.

“We are with the unanimous consensus of a decision of steady policy settings. Inflation and inflation forecasts remain within the inflation target range of 2 percent to 4 percent over the policy horizon,” ING Bank Manila senior economist Joey Cuyegkeng said Tuesday.

He said there was no compelling reason to support or restrain growth for now as economic growth was expected at 6.5 percent this year and 6.6 percent next year. 

The economy grew 6.4 percent in the first half, near the lower bound of the target range of 6.5 percent to 7.5 percent this year, supported by higher fiscal expenditures, robust domestic demand and investments. Economists predicted that growth would be more robust in the second half as the government ramped up spending, particularly on infrastructure under the “Build, Build, Build” program. 

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