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MANILA - A policy rate hike in the second half of 2022 remains in the horizon for monetary authorities as the jump in inflation rate last March to 4 percent is expected to continue in the coming months. The BSP's key policy rates have been slashed by a total of 200 basis points in 2020 as part of the central bank's measures to help buoy the domestic economy from the pandemic and the rates were again kept steady by the central bank's policy-making Monetary Board (MB) during its meeting last March. During the Philippine economic briefing on Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the MB sees that the current level of policy rates is "appropriate given increased uncertainty surrounding the outlook for both inflation and growth." "However, latest data including the latest inflation number this March suggest that inflation will remain elevated in the coming months," he said. The rate of price increases in the third month this

Benjamin dioknoBangko sentralDepartment of agricultureMonetary boardGovernor benjamin dioknoFinance secretary carlos dominguezManilaa policy rate hike in the second half of 2022 remains horizon for monetary authorities as jump inflation last march to 4 percent is expected continue coming months bsp 39s key rates have been slashed bya total 200 basis points 2020 part central bank measures help buoy domestic economy from pandemic and were again kept steady by making board mb during its meeting philippine economic briefing on tuesdayAngko sentral ng pilipinas bsp governor benjamin diokno said the mb sees that current level of policy rates is quot appropriate given increased uncertainty surrounding outlook for both inflation and growth howeverAtest data including the latest inflation number this march suggest that will remain elevated in coming monthsUot he said the rate of price increases in third month this year rose to 4 percent after being steady at 3 previous two months average inflation first quarter stoodIthin the government 39s 2 4 percent target band mb adjusted last march central bank average inflation projection for this year from 3 7 toNd the 2023 forecast from 3 percent to 6 with expectations of further acceleration inflation rate in coming months due part impact russia 39s invasion ukraineHich resulted to upticks in prices of oil and other commodities the international marketIokno said quot the bsp must be prepared to take action prevent price pressures from broadening and becoming more entrenchedHich could translate to second round effects quot for this reasonHe bsp is keepinga watchful eye on emerging developments to ensure that the monetary policy stance remains in line with our primary mandate of price stability we 39 re prepared take pre emptive action as needed if inflation expectations become at risk becoming disanchored