BSP key rate stays longer at 6.25%

MANILA  -The Monetary Board again kept the Bangko Sentral ng Pilipinas key policy rate at 6.25 percent, saying that the latest baseline projections continue to a return of inflation to the target band by the fourth quarter this year

This is the third MB policy meeting in a row that the benchmark rate is kept unchanged, after the ones held in May and June.

MB chair and BSP Governor Eli Remolona Jr. said in a press briefing that inflation was expected to continue subsiding “despite a generally higher path for inflation relative to the previous forecast from the monetary policy meeting in June,” which reflects mainly the impact of higher international oil prices.

“Meanwhile, inflation expectations for 2023 have remained steady, while those for 2024 and 2025 have declined slightly,” Remolona said.