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BSP rate cuts squeeze bank margins 'til 2026
July 10 2025
|Manila Bulletin
Expectations of as much as 100 basis points (bps) in interest rate cuts by the Bangko Sentral ng Pilipinas (BSP) next year would put more pressure on domestic banks’ margins, according to debt watcher S&P Global Ratings.
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In a recent report, S&P Global forecast the BSP policy rate to drop further to four percent by end-2026, from a projected five percent by end-2025. This means that the credit ratings agency expects one more 25-bp rate cut by the BSP’s policy-setting Monetary Board before year-end, from the current 5.25-percent policy rate.
"In the Philippines, we expect rate cuts to happen more in 2026, and so the NIM [net interest margin] impact is expected to be more pronounced in 2026," S&P Global said.
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