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Economy
2 MIN READ
Monthly Recap: Rates, tariff wars, and global uncertainty
As economic risks mount amid a trade war, eyes are glued to what central bankers will do.
March 31, 2025
By Metrobank Research
By Metrobank Research
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All eyes were on what the monetary authorities think about risks including an escalating tariff war.
With economic risks mounting, US policymakers extended their pause on rate cuts this month. In the Philippines, tepid inflation makes a case for the Bangko Sentral ng Pilipinas (BSP) to resume rate reductions.
Key points
- Domestic inflation is seen to average at a slower pace than previously forecast, leaving room open for BSP to continue easing policy rates.
- The US Federal Reserve extended its rate cut pause in its March meeting amid policy uncertainty and the ongoing tariff war.
- The USD/PHP spot dropped this month on concerns over dampened US economic growth as the tariff war intensifies.
Moving forward
- Metrobank maintains its GDP growth forecast of 5.8% for the year.
- We also revised o