Download Monetary Policy Summary (PDF)

At its monetary policy meeting on 16 February 2023, the BSP decided to raise the interest rate on the overnight reverse repurchase (RRP) facility by 50 basis points to 6.00 percent, effective 17 February 2023. Accordingly, the interest rates on the overnight deposit and lending facilities were also increased to 5.50 percent and 6.50 percent, respectively. Read more

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Download Economic Outlook (PDF)

The latest baseline forecasts indicate that inflation will remain elevated in the coming months with inflation averaging at 6.1 percent for 2023 and 3.1 percent for 2024. The forecast for 2023 was adjusted upwards by 1.8 percentage points (ppt), driven mainly by the higher-than-expected inflation outturn in Q4 2022 and higher nowcast for Q1 2023 due to elevated prices of food, utilities, and transport as well as more pronounced second-order effects on rent and restaurants. The upward adjustment in the forecast path also reflects the faster GDP growth outlook for 2023. These upside factors were offset partly by lower global crude oil prices, currency appreciation, and the impact of the cumulative policy rate adjustments of the BSP. Meanwhile, the forecast for 2024 is unchanged at 3.1 percent. Read more

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Download Current Developments (PDF)

Headline inflation accelerates further in January 2023. Inflation rose higher to 8.7 percent in January 2023 from 8.1 percent a month ago and 3.0 percent a year ago. Food inflation went up further owing to disruptions to the supply of vegetables and fruits, dairy and eggs, and fish. Faster increases were also observed in rent and utility rates, and restaurant services. Read more

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Download Summary of MP Decisions (PDF)

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