Download Monetary Policy Summary (PDF)

At its monetary policy meeting on 17 November 2022, the BSP decided to raise the interest rate on the overnight reverse repurchase (RRP) facility by 75 basis points to 5.00 percent, effective 18 November 2022. Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 4.50 percent and 5.50 percent, respectively. Read more

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Download Economic Outlook (PDF)

The baseline inflation forecasts were revised upwards from the previous round to 5.8 percent for 2022 and 4.3 percent for 2023. Meanwhile, the inflation forecast for 2024 was slightly lower at 3.1 percent. The 2022 and 2023 inflation forecasts are higher compared to the previous forecast by 0.4 ppt and 0.3 ppt, respectively. The upward revisions are mainly driven by the higher-than- expected inflation outturns in Q3 2022, higher nowcast for Q4 2022 due to the nationwide transport fare hikes and weather-related disturbances during the quarter, higher GDP growth projections, and peso depreciation. These factors were partly offset by lower global oil and non-oil price assumptions. Meanwhile, the forecast for 2024 is lower by 0.1 ppt due to the projected impact of BSP’s policy rate adjustments in August and September 2022. Read more

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Download Current Developments (PDF)

Headline inflation continues to accelerate in October 2022. Inflation recorded its highest rate since December 2008 at 7.7 percent in October 2022, a further increase from 6.9 percent a month ago. This brought the year-to-date average to 5.4 percent, higher than the National Government’s target range of 2.0-4.0 percent for 2022. The faster price increases in food, due to supply disruptions given weather disturbances, drove the October inflation higher although non-food inflation likewise remained elevated. Read more

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Download Summary of MP Decisions (PDF)

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