Inflation Bottoming Out, BSP Likely To Remain On Hold

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We believe that Philippine consumer price inflation bottomed out at 0.2% y-o-y in July and will start rising towards 3.3% by the end of the year, on the back of base effects from H208. With inflation expected to rise going forward as the economy recovers, we believe the Bangko Sentral ng Pilipinas will refrain from further rate cuts.