NextGen Day

MANILA, Philippines — The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) is expected to keep the policy rate steady at its first rate-setting meeting of the year on Thursday, according to Moody’s Analytics.

“At its February meeting, the Philippine central bank would maintain its benchmark policy rate of 4%,” it said in its Asia Pacific economic preview for the week of February 14-18, 2022, released on Monday.

The rate-setting meeting this week is widely expected to keep key rates unchanged, as BSP Governor Benjamin Diokno has frequently expressed his commitment to the central bank’s assistance in the economy’s recovery from the pandemic.

To help the domestic economy recover from the epidemic, the MB reduced the central bank’s key policy rates by a total of 200 basis points in 2020.

It also reduced banks’ reserve requirement ratio (RRR) by up to 200 basis points and allowed banks to count lending to micro, small, and medium-sized enterprises (MSMEs) as RRR compliance for a limited time, both of which are intended to ensure that banks have enough liquidity to support additional lending to boost economic activity.

In a previous assessment, Moody’s Analytics predicted that the BSP, along with other central banks, would maintain key rates this year as countries battle the virus-induced epidemic.

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