BSP hints of further tightening

BY LAILANY P. GOMEZ REPORTER

THE Bangko Sentral ng Pilipinas (BSP) hinted that its monetary tightening bias remains after inflation in May came in higher than the previous month.
In a report, the National Statistics Office (NSO) said the average increase in prices rose to 4.5 percent last month from a revised 4.3 percent in April. This was at the low-end of the BSP’s 4.5 percent to 5.5 percent forecast range for May, but the five-month average of 4.2 percent inched closer to the high-end of the central bank’s full-year target range of 3 percent to 5 percent.
Driving the May increase in prices was fuel, light and water, even as food items, which comprised the bulk of the Philippine inflation basket, contributed less to the upward pressure amid the recovery in the agriculture sector.
Excluding the impact of volatile food and energy items, core inflation still crept up to 3.7 percent in May from 3.3 percent the month before.
“This calls for continued close monitoring of possible sources of inflationary impulses and their likely impact on inflation and inflation expectations to ensure that the monetary policy stance is consistent with the price object,” BSP Governor Amando Tetangco Jr. said in a text message to reporters.
The policy-making Monetary Board will meet on June 16 for its regular rate-setting.
It raised interest rates last month for a second time this year to prevent second-round effects from driving up overall prices and anchor inflationary expectations.
The BSP’s overnight borrowing or reverse repurchase (RRP) rate stands at 4.5 percent, while its overnight lending or repurchase (RP) rate at 6.5 percent.
In a commentary, Barclays Capital said the BSP will likely keep rates unchanged at 4.5 percent in next week’s meeting “so as to gauge the impact of its previous tightening on inflation expectations against a backdrop of increased global growth uncertainties.”
“However, the upward drift in core inflation, together with the likelihood that the headline rate will breach 5 percent in the coming months, suggests that the trend in rates remains upwards for now,” said Prakriti Sofat, Barclays economist, adding that they expect the BSP to hike the policy rate by 25 basis points to 4.75 percent in July.
He said the central bank will also allow some currency appreciation to lean into imported price pressures and continue to expect dollar-peso exchange rate to drift to 42.30 in three months and to 41.50 in 12 months.
In a separate research note, Metropolitan Bank and Trust Co. said the May and revised April inflation figures indicate a moderation of price levels, thus meriting a reduction in its full-year forecast to five percent from the earlier estimate of 5.3 percent.
Having said the above, “we still foresee inflation on an upward trend for the rest of the year, with a downward movement by around 3rd quarter. After all, even if commodity prices have been on a downward trend, they are still currently at elevated levels,” Pauline Revillas, Metrobank research analyst said.
“It appears that the monetary tightening in China and the emerging economies appear to be working already, plus the speculative activities of funds have been already subdued with the reported exit of major hedge fund players from their profitable commodities trading. This eases up the inflation pressures on the Philippines quite a bit, although, again, it would take some time before we see downward movements,” she said.
Barring any change in the trend, Metrobank expects the BSP to hike its RRP rate to 4.75 percent.

Source: http://www.manilatimes.net/business/bsp-hints-of-further-tightening/

Clark Wine Center was built in 2003 by Hong Kong-based Yats International Leisure Philippines to become the largest wine shop in Philippines supplying Asia’s wine lovers with fine vintage wines at attractive prices. Today, this wine shop in Clark Philippines offers over 2000 selections of fine wines from all major wine regions in the world. As a leading wine supplier in Philippines, Pampanga’s Clark Wine Center offers an incomparable breadth of vintages, wines from back vintages spanning over 50 years. Clark Wine Center is located in Pampanga Clark Freeport Zone adjacent to Angeles City, just 25 minutes from Subic and 45 minutes from Manila.

Residents of Pampanga Angeles City, Subic, Tarlac and Clark Philippines know of this wine shop as one of the best places in Clark, a good night out place and simply the best place to hang out, enjoy some good wine with cheese on the roof deck with good atmosphere, or just relax and unwind with friends and family in a cool place. This wine shop in Clark Pampanga is recognized by many to be one of the best places to buy fine vintage wine in the Philippines. Located near Mimosa Leisure Estate surrounded by golf courses, resorts and a casino, this well known wine shop is frequently visited for its good selection of wine not available in Manila or Subic. Clark Wine Center is open 7 days a week from 10am to 8pm. Private dinners, wine tastings and group gatherings can be organized by advanced reservation.

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Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

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