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Peso woes seen to hinder BSP easing
Manila Bulletin
|March 31, 2025
A weaker peso, caused by United States (US) tariffs lifting the US dollar and the Philippines’ wider current account deficit, may delay further interest rate cuts by the Bangko Sentral ng Pilipinas (BSP), according to Japanese banking giant MUFG Bank Ltd.
“We forecast the BSP to cut rates by another 75 basis points (bps) bringing it to five percent [by end-2025]. We, however, see some risks that the timing will be delayed if FX [foreign exchange] volatility picks up through 2024,” MUFG Global Markets Research senior currency analyst Michael Wan said in a March 28 report.
Wan said the BSP would likely lower the current 5.75-percent policy rate by 25 bps on April 10, on top of two more 25-bp reductions in August and December.
This story is from the March 31, 2025 edition of Manila Bulletin.
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