Despite the Bangko Sentral Ng Pilipinas ( BSP ) surprised by cutting its key policy rates by 25bps in its Monetary Policy Meeting on 26 July after noting "strong global headwinds" and "upside risks to inflation", Standard Chartered research team believes that "the rate cut may help to induce an expansionary effect for the economy from Q4." The bank maintains an overweight stance on PHP bonds as they suspect "the cut is positive for PHP bonds and we expect onshore and offshore demand to remain strong given constructive fiscal and funding positions." Looking at the PHP, the cut is a modest short-term negative, although Standard Chartered notes" the cut has not been motivated by a specific bid to weaken the currency but rather an attempt to forestall new capital inflows", that makes them still call for short-term overweight recommendations on the Philippine peso (PHP)
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