BSP's Balance Sheet Restraint
Executive Summary: The Bangko Sentral ng Pilipinas (BSP) muted (condensed) balance sheet growth since 2017 underscored its hawkish stance amid...
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Resumption of Strong Fiscal Stimulus in 1Q18
Executive Summary: Despite higher rate pressures, the 1Q18 interest bill did not 'crowd-out' primary expenditures (+30.4%YoY) and enabled the...
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Discerning Treasury's Bloated 2Q Funding Program
Behind Treasury's expanded 2Q18 borrowing plan (Php325bn) biased to t-bills is the intention to keep borrowing costs down to prevent material...
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Heightened Inflation Fears Spook 1Q Consumer Sentiment
Executive Summary: The Monetary Board may have been dissuaded from hiking its policy rate prematurely in its last meeting (March 22) by waning 1Q18...
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Not a Fed Copycat; For How Long?
Executive Summary: Despite the familiar hawkish tone, the Monetary Board of the Bangko Sentral ng Pilipinas, kept its policy rate unchanged as I...
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