Bring on the Hike
Executive Summary: Softening annualized inflation rates in April argue for an unchanged policy rate, which remains my view. But in the coming...
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BSP's Balance Sheet Restraint
Executive Summary: The Bangko Sentral ng Pilipinas (BSP) muted (condensed) balance sheet growth since 2017 underscored its hawkish stance amid...
197 Views
Resumption of Strong Fiscal Stimulus in 1Q18
Executive Summary: Despite higher rate pressures, the 1Q18 interest bill did not 'crowd-out' primary expenditures (+30.4%YoY) and enabled the...
170 Views
Heightened Inflation Fears Spook 1Q Consumer Sentiment
Executive Summary: The Monetary Board may have been dissuaded from hiking its policy rate prematurely in its last meeting (March 22) by waning 1Q18...
185 Views
Not a Fed Copycat; For How Long?
Executive Summary: Despite the familiar hawkish tone, the Monetary Board of the Bangko Sentral ng Pilipinas, kept its policy rate unchanged as I...
186 Views