Bangko Sentral ng Pilipinas likely keep RRP and SDA rates unchanged

Bangko Sentral ng Pilipinas (BSP) will announce its monetary policy decision on 25 June. 

"BSP is expected to keep the reserve repo (RRP) and special deposit accounts (SDA) rates at 4.0% and 2.5%, respectively. We acknowledge the near-term bias towards easing, but believe the central bank is comfortable with current trends", says Standard Chartered. 

BSP expects growth to improve on more fiscal spending and is mindful of risks to inflation from El Niño-related food inflation and potential Brent price increases. It is also concerned about financial risk from an eventual Fed rate hike later this year.