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InterAksyon.com
The online news portal of TV5
MANILA, Philippines – HSBC on Wednesday said chances are the Bangko Sentral ng Pilipinas (BSP) would keep its monetary easing bias when it meets on March 1.
“We retain our view of a rate pause at their next meeting in March, but chances of an easing bias being adopted are rising,” Trinh Nguyen, HSBC economist, said.
“Remittances recorded an impressive growth rate in 2011. However, challenging conditions in host countries will weigh upon remittance growth in coming quarters, suggesting that private consumption will likely be less robust this year,” the economist said.
HSBC said this compounds the BSP’s worries after exports fell last year, pulling overall economic growth to 3.7 percent.
“Demand for Philippine electronic exports is unlikely to improve this year given China’s slowdown, Europe’s recession and the US sluggish growth,” Nguyen said.
The economist said inflation is likely to remain benign this year, “with price pressures expected to stay within the three- to five-percent percent target.”
“Faced with decelerating price pressures, slowing remittances and weakening exports, the BSP may be swayed towards more of an easing bias when they next meet in March,” Nguyen said.
