Philippines: one more hike left in the tightening cycle

The central bank of the Philippines (BSP) today slowed the pace of tightening as it raised its main policy rate by 25bps (to 6.25%), and hinted that the tightening cycle was now approaching an end. Although inflation has now started to fall, it remains well above target and we think the central bank will raise interest rates once more this year at its May meeting.

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