Expectations that the BSP will not raise its policy rate again in May are gaining ground with Monetary Board member and Finance Secretary Benjamin Diokno chiming in. | RonWDomingoINQ /PDI
And yet, this also happened last year—when the rate of increase in prices of goods and services that households commonly purchase—eased to 6.3 percent in August from 6.4 percent in July, only to jack up to 6.9 percent in September through to 8.7 percent in January.
He noted that after last week’s policy meeting, Medalla “expressed a break from the past when the Monetary Board was more or less sure that the next policy rate meeting would be another increase. Diokno seems to lend strength to this outlook when he said over the weekend that he thought the BSP was leaning toward a pause in the next policy meeting on May 18.
“Monetary policy [rate hikes] is not the only game in town,” Diokno said. “Besides, as I mentioned earlier, monetary policy works with a long lag.”
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