Philippines: BSP still on hold – ANZ

ANZ analysts note that as widely expected, the Bangko Sentral ng Pilipinas (BSP) left its Overnight Repurchase Rate (RRP) unchanged at 4.00% today in Philippines.

Key Quotes

“The BSP remains on a prudent pause to assess the impact of previous policy easing, in our view.”

“Given the current mix of below potential growth and a favourable inflation outlook, we estimate the BSP has room for an additional 50bps of cuts in 2020.”

“However, the latest statement provided no indication on the timing of resumption in easing.”