Philippines: BSP policy outlook shifts – Standard Chartered
Standard Chartered’s Jonathan Koh and Edward Lee now expect Bangko Sentral ng Pilipinas (BSP) to keep its policy rate unchanged at the 27 August meeting, abandoning a previously projected hike.
Standard Chartered has revised its outlook on the Bangko Sentral ng Pilipinas (BSP) monetary policy. The bank now anticipates the BSP to maintain its policy rate steady at the scheduled meeting on 27 August, contrary to their earlier prediction of a 25 basis points increase. Additionally, Standard Chartered has cut its 2026 GDP growth forecast to 3.5%, down from the earlier 4.0%, due to softer-than-expected growth in the first half of the year.
The Consumer Price Index (CPI) inflation forecast has also been revised lower to 5.9% in 2026, down from the previous 6.5%, owing to lower-than-expected inflation levels. The bank maintains its projection of rate cuts in the second and third quarters of 2027 once inflation falls below 4%.
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