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These are bleak times on the PSEi. After teasing a breach of the 6,350 support level for several days, it finally punched through with an emphatic down day. We are back to where we were in November of last year.> PH: The big thing on my list is the BSP interest rate announcement on Thursday morning.
The Philippine Statistics Authority (PSA) [link] reported that the consumer price index (CPI) data for May revealed that headline inflation for that month was up 3.9% y/y (as compared to the CPI level for May 2023). This is the fourth straight month where inflation has quickened on a year-on-year basis, but the 3.9% inflation figure was actually lower than what economics expected (median estimate was 4.0%) and still within the BSP’s target inflation range (2.0% to 4.0%). The average inflation year-to-date is 3.5%, which is what the BSP expects we will average through all of FY24. The BSP’s Governor, Eli Remolona, said that the Monetary Board “could go first” in cutting interest rates ahead of the US Federal Reserve, and said that the first cut could come as early as August.
The Philippine peso is trading precariously close to its all-time low against the US dollar. This is driven by the nation’s central bank signaling a potential policy shift toward looser monetary policy. The dovish pivot comes amidst a fragile economic recovery and persistent inflation. The current strong US dollar environment is also putting pressure on the peso and most currencies worldwide.
MANILA, Philippines — The exchange rate of the Philippine peso against the dollar closed at a low level on Tuesday after slipping to P58.27, according to the latest data from the Bankers Association of the Philippines.
MANILA, Philippines — The country’s economy grew by 5.7% in the first three months of 2024, the Philippine Statistics Authority (PSA) said.
MANILA, Philippines — Officials of the Bangko Sentral ng Pilipinas were the top highest paid officials in 2023, according to a recent report of the Commission on Audit (COA) released on Thursday.
MANILA, Philippines — The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB) decided to retain its target reverse repurchase rate at 6.5%.
The central bank of the Philippines (BSP) aims to complete a CBDC pilot by the end of the year, according to a local press report.