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Interest rates stay at highest in 17 years

The Philippine Star

|

June 28, 2024

BSP makes no adjustment for 6th straight meeting

- KEISHA TA-ASAN

The Bangko Sentral ng Pilipinas (BSP) kept its key policy rates untouched for the sixth straight meeting, but risks to inflation have now shifted to the downside, providing the central bank room to "more likely" ease in August.

In a press conference, BSP Governor Eli Remolona Jr. said the Monetary Board decided to keep the target reverse repurchase rate at 6.5 percent, the overnight deposit rate at six percent and the overnight lending rate at seven percent.

The country's benchmark policy rates remain the highest in over 17 years, after the BSP kicked off its aggressive ratehiking campaign from May 2022 to October 2023.

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