THE Bangko Sentral ng Pilipinas (BSP) will not need to hike interest rates further this year should Congress pass a proposed law that is expected to lower rice prices, banking giant HSBC said.
“[P]assage of a government proposal to end quantitative restrictions (QR) on rice imports should put downward pressure on headline prices and help curb inflation expectations,” HSBC economist Noelan Arbis said in a report released in the wake of the policymaking Monetary Board’s decision to raise key interest rates by 25-basis points on Wednesday.
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