Monetary Policy Report May 2022
Monetary Policy Summary
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At its monetary policy meeting on 19 May 2022, the BSP decided to raise its
key policy interest rate by 25 basis points to 2.25 percent for the overnight
reverse repurchase (RRP) facility, effective 20 May 2022. The corresponding
interest rates on the overnight deposit and lending facilities were also raised
to 1.75 percent and 2.75 percent, respectively.
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Economic Outlook
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The latest baseline forecasts indicate that inflation could settle above the
government’s target range of 3.0 percent ± 1.0 ppt at 4.6 percent in 2022. For
2023, inflation is projected to average near the upper band of the target
range at 3.9 percent.
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Current Developments
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Headline inflation rose to 4.9 percent year-on-year in April 2022. This is higher
than 4.0 percent in March 2022. The resulting year-to-date average inflation of
3.7 percent remains within the national government’s (NG) average inflation target
range of 2.0-4.0 percent for the year. The higher inflation in April was attributed
mainly to faster price increases of food, electricity, and domestic petroleum.
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Summary of MP Decisions
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