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BSP Governor Benjamin Diokno MANILA - The Bangko Sentral ng Pilipinas' (BSP) policy-making Monetary Board (MB) on Thursday kept the central bank's key policy rates despite the upward adjustments in the average inflation forecasts for this and next year. Thus, the central bank's overnight reverse repurchase (RRP) rate is still at record low 2 percent, the overnight lending rate is at 2.5 percent, and the overnight deposit rate is at 1.5 percent. In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said the latest average inflation forecast for this year was hiked to 4.3 percent, higher than the government's 2-4 percent target band, and the 2023 projection was changed to 3.6 percent. These were at 3.7 percent and 3.3 percent for 2022 and 2023, respectively, during the MB meeting last February. Diokno attributed the hikes in the inflation forecasts to upticks of commodity prices in the international market. "Inflation expectations have likewise risen but co ....

United Arab Emirates , Benjamin Diokno , Bangko Sentral , Francisco Dakila Jr , Monetary Board , Governor Francisco Dakila , Bsp Governor Benjamin Diokno Manila The Bangko Sentral Ng Pilipinas 39 Policy Making Monetary Board Mb On Thursday Kept Central Bank 39s Key Rates Despite Upward Adjustments In Average Inflation Forecasts For This And Next Year Thus , He Central Bank 39s Overnight Reverse Repurchase Rrp Rate Is Still At Record Low 2 Percent , He Overnight Lending Rate Is At 2 5 Percent , Nd The Overnight Deposit Rate Is At 1 5 Percent Ina Virtual Briefing On Thursday , Sp Governor Benjamin Diokno Said The Latest Average Inflation Forecast For This Year Was Hiked To 4 3 Percent , Igher Than The Government 39s 2 4 Percent Target Band , Nd The 2023 Projection Was Changed To 3 6 Percent These Were At 7 And For 2022 , Uring The Mb Meeting Last February Diokno Attributed Hikes In Inflation Forecasts To Upticks Of Commodity Prices International Market Quot Expectations Have Likewise Risen But Continue Be Anchored 2 4 Percent Target Band , Uot He Said Amidst These Developments , Iokno Said Quot The Balance Of Risks To Outlook Remain Broadly Balanced For 2023 He Domestic Inflation Pressures Are Driven By Supply Issues On Pork And Fish Potential Impact Higher Oil Prices Transportation Fares In This Regard , He Bsp Supports The Implementation Of Social Protection Measures To Alleviate Impact Rising Crude Oil Prices On Vulnerable Sectors Sustained Initiatives Ensure Adequate Domestic Food Supply Could Also Mitigate Further Side Pressures Inflation , Uot He Said Diokno Further Downside Risks To The Rate Of Price Increases Come From Threat Coronavirus Disease 2019 Covid 19 Cases And Emergence New Variants , Hich Is Expected To Hamper Global Economic Recovery And May Result In Implementation Of New Movement Restrictions He Said The Mb Also Noted That Domestic Economy Activities Continue Gain Ground Following Easing Quot However , Eightened Geopolitical Tensions Anda Resurgence In Covid 19 Infections Some Countries Have Also Clouded The Outlook For Global Economic Growth Supply Chain Disruptions Could Contribute To Inflationary Pressures , Nd Thus Warrant Closer Monitoring To Enable Timely Intervention In Order Arrest Potential Second Round Effects , Uot He Added With These Factors , Iokno Said The Mb Quot Sees Scope To Maintain Bsp 39s Policy Settings In Order Safeguard Momentum Of Economic Recovery Amid Increased Uncertainty , Ven As It Continues To Develop Its Plans For The Gradual Normalization Of Extraordinary Liquidity Measures Quot Given Potential Broadening Price Pressures Over Near Term , He Bsp Stands Ready To Respond The Buildup In Inflation Pressures That Can Disanchor Expectations , N Keeping With Its Price And Financial Stability Objectives ,