BSP: Worst over for strong dollar

Jekki Pascual, ABS-CBN News

Bangko Sentral ng Pilipinas Governor Felipe Medalla on Tuesday said the worst is over for the strong dollar as the Philippine peso regains strength."Weak peso further aggravating the inflation is no longer a big problem," Medalla told reporters.The peso closed at P55.24 against the US dollar on Tuesday, its strongest performance in months."It seems the strong dollar period is over. Second, we're beginning to see oil prices to drop," said Medalla, who expects better January economic figures amid possible recession overseas.The central bank chief said he is expecting peak inflation this December, but it will decelerate next year."Our forecasts for inflation is actually closer to 3% than to 4% for the third quarter of this year and possibly below 2% briefly near the end of next year and early 2024," Medalla said.When asked if the Monetary Board will adjust interest rates in the next meetings, he said nothing is guaranteed due to uncertain times. It could be zero, 25 or 50 basis points.He even likened what the interest rate adjustment would be to a basketball game, referencing the just-concluded UAAP Finals featuring the UP Fighting Maroons and one of its star players Zav Lucero, who lost to eventual champions Ateneo Blue Eagles."I would say zero in the next two meetings, both zero. If somebody offers you that bet, it's like UP with an injured Lucero playing Ateneo, hindi zero ang chance pero hindi malaki," Medalla said, adding: "I will rule out very extreme forecasts."

The central bank chief said he is expecting peak inflation this December, but it will decelerate next year."Our forecasts for inflation is actually closer to 3% than to 4% for the third quarter of this year and possibly below 2% briefly near the end of next year and early 2024," Medalla said.When asked if the Monetary Board will adjust interest rates in the next meetings, he said nothing is guaranteed due to uncertain times. It could be zero, 25 or 50 basis points.He even likened what the interest rate adjustment would be to a basketball game, referencing the just-concluded UAAP Finals featuring the UP Fighting Maroons and one of its star players Zav Lucero, who lost to eventual champions Ateneo Blue Eagles."I would say zero in the next two meetings, both zero. If somebody offers you that bet, it's like UP with an injured Lucero playing Ateneo, hindi zero ang chance pero hindi malaki," Medalla said, adding: "I will rule out very extreme forecasts."

The peso closed at P55.24 against the US dollar on Tuesday, its strongest performance in months."It seems the strong dollar period is over. Second, we're beginning to see oil prices to drop," said Medalla, who expects better January economic figures amid possible recession overseas.

Bangko Sentral ng Pilipinas Governor Felipe Medalla on Tuesday said the worst is over for the strong dollar as the Philippine peso regains strength."Weak peso further aggravating the inflation is no longer a big problem," Medalla told reporters.

Bangko Sentral ng Pilipinas Governor Felipe Medalla on Tuesday said the worst is over for the strong dollar as the Philippine peso regains strength.

BSP: Worst over for strong dollar | ABS-CBN News

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BSP: Worst over for strong dollar

BSP: Worst over for strong dollar