Download Monetary Policy Summary (PDF)

At its monetary policy meeting on 18 May 2023, the BSP decided to keep the interest rate on the overnight reverse repurchase (RRP) facility at 6.25 percent. Accordingly, the interest rates on the overnight deposit and lending facilities are likewise maintained at 5.75 percent and 6.75 percent, respectively. Read more

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Download Economic Outlook (PDF)

The latest baseline forecasts indicate a still-elevated path in the coming months with inflation estimated to average at 5.5 percent for 2023 and at 2.8 percent for 2024. Nonetheless, the forecasts are lower relative to the previous round by 0.6 ppt for 2023 and 0.3 ppt for 2024. The downward revision for 2023 mainly reflects the lower-than-expected inflation outturns in March and April, the slower domestic and global growth outlook, as well as the impact of the cumulative 75-bp BSP policy rate increases in Q1 2023. Lower crude oil prices and the peso appreciation also contributed to the declining inflation path for 2024, but their impact was offset by positive base effects following the successive negative month-on-month inflation prints in early 2023. Read more

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Download Current Developments (PDF)

Headline inflation slows further in April 2023. Inflation slowed to 6.6 percent in April 2023 from 7.6 percent a month ago. This brought the year-to-date average to 7.9 percent which is above the National Government’s average inflation target range of 2.0-4.0 percent for the year. Inflation for the heavily weighted food and non-alcoholic beverages decelerated to 7.9 percent due to improvements in supply conditions. Non-food inflation also moderated, driven by lower transport inflation which declined to 2.6 percent. Read more

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Download Summary of MP Decisions (PDF)

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