Philippines’ key rate to rise to 4% this quarter, survey shows

MANILA (Bloomberg): The Philippine central bank will sustain its rate-hike cycle this quarter, following a surprise move in July, to quell broadening price pressures, according to Bloomberg survey of economists.

The benchmark interest rate is expected to increase by another 75 basis points to 4% by the end of September, a survey showed. Bangko Sentral ng Pilipinas is seen to pause in October-December, before raising borrowing costs by half-a-point in the first quarter of 2023, based on the latest estimates.