Barclays Predicts Philippine Central Bank Rate Hikes Amid Economic Concerns

On March 24, Barclays economists released a report indicating that the Philippine Central Bank is likely to raise interest rates twice this year, contrary to previous expectations of rate cuts. According to Jin10, policymakers are concerned about existing economic issues that predate the Middle East conflict. However, if the conflict eases in the short term, the central bank may consider rate cuts. Barclays' current baseline forecast suggests a 25 basis point rate hike in both April and June. If global oil prices stabilize, three 25 basis point rate cuts are anticipated in 2027. Previously, Barclays had projected two 25 basis point rate cuts in April and June 2026.