Economist at UOB Group Lee Sue Ann suggests the BSP could raise further its policy rate at the September 22 meeting.

Key Quotes

“Ongoing uncertainties particularly global recession risks into 2023 and a tentative retreat in global oil prices could also lead BSP to pause its rate hikes soon.”

“Thus, we stick to our call for a hike in the policy rate by another 25bps in Sep and thereafter keep the RRP rate at 4.00% through 4Q22 and 2023, unless both global and domestic environments move in unexpected directions.”