The inflation target range for the next two years is two percent to four percent. The BSP’s Monetary Board, however, retained the 2017 inflation forecast of 3.1 percent and 2.6 percent for 2018. This was the 14th straight meeting in a row that BSP has left its interest rates untouched. The BSP shifted to an interest rate corridor framework last June 3 and adjusted overnight and deposit rates lower. The BSP’s latest forecasts show that average inflation will probably settle near the lower end of the two percent to four percent target range for 2016 and “rise toward the mid-point of the target range” in 2017 and 2018.

Source: Manila Bulletin July 28, 2016 14:20 UTC