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Philippines: more rate hikes coming

The central bank of the Philippines (BSP) today raised its main policy rate by a further 75bps (to 5.0%), and we think further tightening is likely in the near term. But with inflation having probably peaked, headwinds to the recovery mounting and the Fed’s own tightening cycle likely to come to an end soon, we think the BSP will stop hiking rates in early 2023. 

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