Emerging Asia Economics Update
More policy loosening to come in the Philippines
The Philippines’ central bank (BSP) cut its overnight rate by 25bp to 4.25% today, as expected. Exports have slumped and are unlikely to pick up much this year, while inflation is set to fall towards the lower end of the BSP’s target range. With this backdrop, we expect more policy loosening to support growth. We have pencilled in another 25bp cut in Q2.
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