Filipino Monetary Policy Unchanged As Expected
November 18, 2010
Policymakers at Bangko Sentral ng Pilipinas once more left their key lending and borrowing rates at 6% and 4%, respectively, where such have been since a cut of 25 basis points announce July 9, 2009. The Philippines has a good combination of robust domestic demand-led growth and manageable inflation as attested in a statement from the central bank. On-year CPI inflation in October fell below 3%. The central bank’s target range for inflation falls to 3-5% next year and in 2012 from 3.5-5.5%, and officials are confident those goals will be met and consider current policy settings appropriate. First-half 2010 GDP was 7.8% greater than a year earlier. Two risks that the authorities promise to monitor are a) commodity prices and b) a recent run-up in asset price caused by capital inflows. The next interest rate policy announcement will be made on the penultimate day of 2010. During the recession, which saw GDP contract 1.9% in 2009, the 4.0% was reduced by 200 basis points in all via two initial 50-bp moves in December 2008 and January 2009 and four subsequent cuts of 25 bps administered in March, April, May and July 2009.
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