Thread by @cnnphilippines

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Former BSP governor Jose Cuisia on the effect of the latest BSP rate hike on inflation: If the oil prices continue to decelerate...I think there is s a good chance that the inflation will start slowing down, (1/2)

Cuisia: especially if there is a negotiation that will lead to peace between Russia and Ukraine. (2/2)

Cuisia: Well, if prices continue to go up and the Fed continues to also increase interest rates, which they are expected to do, then of course the BSP will have no choice [to implement another hike].

Cuisia: I think we will start seeing a slow down or slowing down of the inflation rate probably in about two to three months, that's my expectation. Because of course the rate hikes had an impact and will continue to have an impact.

Rural Bankers Association of the Philippines President Mary Ann Tupasi-Saddul: Insofar as rural banks and cooperative banks, the impact of using interest rates has not been as significant as expected.

Tupasi-Saddul: As direct exposures in the form of loans to MSMEs, we have seen a modest increase when we compare quarter and figures for March vs. June 2022.

Tupasi-Saddul: The MSMEs have strong motivation to patronize rural bank and cooperative banks, given that, number 1, the credit needs. Their credit needs are often too small for bigger banks to service.

Tupasi-Saddul: Number 2, the leaner decision making structures of rural and cooperative banks also translate to faster turnaround. With the economy opening up, people need capital.

https://twitter.com/cnnphilippines/status/1593579971254984704

I-Remit co-founder Bansan Choa: The remittance is always a seasonal item.

Choa: If you are talking between November until the first month of next year, there will be a lot of overseas Filipino workers that will come back and they will be bringing a lot of US dollar that is not affected by the exchange rate.

https://twitter.com/cnnphilippines/status/1593580575352270848

Choa: Until the first month of 2023, the rate of the exchange should not be very far from what it is now.

Choa says 41.7% of the remittances come from the USA, 6.9% from Singapore, 5.8% from Saudi Arabia, 4.9% from Japan and the United Kingdom, 4.1% from UAE.

Philippine Retailers Association President Rosemarie Ong: We've seen revenge shopping and people are starting to go out already. With all indications, I think we are good probably until the year ends.

Ong: The PH is a consumer driven economy and we expect people to still go out and shop. Many of the employees receiving their bonuses already or 13th month pay, and of course remittances coming from OFWs. I guess retail should be good and we have seen that in the past months.