The Bangko Sentral ng Pilipinas is likely to implement more interest rate hikes as prices remain on the rise, Fitch Ratings Director for APAC Banks Willie Tanoto said on Friday.

Tanoto said the BSP adjustments are also likely to be data dependent.

"I think customer prices are going to stay elevated for a while such as it's going to probably average around 6 percent for the year," he told ANC.

"At the same time, the economy is recovering rather briskly so the BSP does have the policy space to begin to hike interest rates and normalize policy setting. We think more rate hikes are coming," he added.

Inflation rose to 6.4 percent in July, from 6.1 percent in June, still above the government target of 2 to 4 percent.

• Inflation quickens further to 6.4 percent in July

BSP Governor Felipe Medalla earlier signaled that there could be either 50-basis point or a 75-bps rate hike during the next Monetary Policy-setting meeting on Aug. 18.

• BSP may hike rate by 50-basis points in August as inflation soars, peso weakens
• Medalla says policy rate still supportive of economic growth; signals new hike in August