The Bangko Sentral ng Pilipinas said it decided to hold its second monetary policy meeting this year on April 8.
The interest rate-setting meeting of the BSP’s Monetary Board was originally scheduled on April 4.
The central bank didn’t give a reason on why it moved the scheduled meeting to Monday from Thursday originally. Earlier this year, the BSP also rescheduled the policy meeting.
After an aggressive policy tightening cycle to tame inflation that raised overnight rates to 6.5 percent from a low 2.0 in March 2022, the BSP has been on a pause since late last year.
Finance Secretary Ralph Recto, a member of the Monetary Board, said the BSP’s overnight rates will likely stay “higher for longer” due to lingering inflationary pressure and geopolitical concerns. He said the first rate cut will likely come later this year and may not be as large as the market initially anticipated.
