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MANILA - Fitch Solutions Country Risk and Industry Research forecasts the Bangko Sentral ng Pilipinas (BSP) to deliver more aggressive rate hikes, eyeing the key rates to be at 3.25 percent by end-2022 from 2.75 percent previously. In a report released on Monday, the unit of Fitch Group said acceleration of domestic inflation rate is the key factor for the projected rate hikes this year, which it noted is a move that is provided flexibility by the continued recovery of the domestic economy. "The ongoing robust economic recovery will provide room for the BSP to tighten its monetary policy further to curb inflation and safeguard external stability," it said. The BSP's key rates have been increased by 50 basis points so far this year, 25 basis points each last May and this month. To date, the central bank's overnight reverse repurchase (RRP) rate is at 2.5 percent. This, as the rate of price increases rose further to over three-year high of 5.4 percent last May after it

Bangko sentralFitch solutionsIndustry researchFitch groupFitch solutions country riskSolutions country riskMonetary boardManila fitch solutions country risk and industry research forecasts the bangko sentral ng pilipinas bsp to deliver more aggressive rate hikesYeing the key rates to be at 3 25 percent by end 2022 from 2 75 previously ina report released on mondayHe unit of fitch group said acceleration domestic inflation rate is the key factor for projected hikes this yearHich it noted isa move that is provided flexibility by the continued recovery of domestic economy quot ongoing robust economic will provide room for bsp to tighten its monetary policy further curb inflation and safeguard external stabilityUot it said the bsp 39s key rates have been increased by 50 basis points so far this year5 basis points each last may and this month to dateHe central bank 39s overnight reverse repurchase rrp rate is at 2 5 percent thisS the rate of price increases rose further to over three year high 5 4 percent last may after it surpassed government 39s 2 target band in previous month when climbed 9 average inflation first five months this stood at 1 fitch solution revised up its forecast for philippines from previously given supply chain issues and upticks global commodity pricesS well as domestic supply issues on some food items during its meeting last week