Another Rate Hike Expected

PHILIPPINES - Report 10 Sep 2014 by Romeo Bernardo and Christine Tang
The consensus predicts that the Monetary Board (MB), which meets tomorrow, will raise either or both the SDA and the policy rates by another 25bp.According to market players, this view has already been fully priced into current bond yields.If the MB does hike rates, it would be its fourth tightening move since late March, comprising two successive increases in banks’ reserve requirement and one 25bp hike each for the overnight rates and the SDA rate.Currently, BSP overnight borrowing and lending rates are at 3.75% and 5.75% respectively while the SDA rate is at 2.25%. In our view, a decisio...

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