• Upward pressures on prices of goods and services that may keep headline inflation in the Philippines among the highest in Asia continue to prevail, but the Monetary Board (MB) kept the key policy rate of the Bangko Sentral ng Pilipinas (BSP) unchanged at 6.5 percent.
  • In a press briefing, MB Chair and BSP Governor Eli Remolona Jr. said key upside risks are associated with potential pressures emanating from higher transport charges, increased electricity rates and higher oil prices.
  • Based on the BSP’s latest outlook, full-year average inflation in 2023 is expected to remain—for the second year in a row—above the target range of 2 percent to 4 percent.