The Bangko Sentral ng Pilipinas (BSP) earned praise from Fitch Ratings for its inflation-targeting policies, which the agency said are fostering economic stability and laying the groundwork for a rebound in Philippine growth.
In its latest credit update, Fitch maintained its view of the BSP as a “credible inflation-targeting central bank,” projecting gross domestic product (GDP) growth of 5.7% in 2024, accelerating to 5.9% in 2025, and reaching 6.2% by 2026.
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The credit rating agency attributed the recovery to easing monetary policy, domestic demand, infrastructure spending, and reforms aimed at boosting trade and investment.
“Real GDP growth has slowed since the post Covid-19 pandemic rebound in activity (but) we expect growth to pick up to 6.2% by 2026 on monetary easing, infrastructure spending and reforms to foster trade and investment,” Fitch said in its report.
Inflation has significantly cooled, averaging 3.2% as of November 2024, down from 6.0% at the end of 2023.
The BSP’s Monetary Board had raised the key policy rate to 6.5% during the height of inflationary pressures but began easing this year, cutting rates by a cumulative 50 basis points in August and October.
November’s inflation rate stood at 2.5%, comfortably within the central bank’s 2%–4% target range. “These and other initiatives of the BSP, the government, and the banking industry aim to boost trading and liquidity of local bonds and other instruments and make them more accessible not just to local but overseas investors as well,” said the BSP on Wednesday.
Fitch also highlighted the BSP’s efforts to strengthen local capital markets, including the introduction of Peso Interest Rate Swaps (Peso IRS) to create a benchmark yield curve and enhance liquidity in the bond market.
