# ![@MikeRicafort888 Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1123773749935972352.png) @MikeRicafort888 Michael L. Ricafort

Michael L. Ricafort posts on X about inflation, debt, philippines, fed the most. They currently have [-----] followers and [----] posts still getting attention that total [---] engagements in the last [--] hours.

### Engagements: [---] [#](/creator/twitter::1123773749935972352/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1123773749935972352/c:line/m:interactions.svg)

- [--] Week [-----] +26%
- [--] Month [-----] +50%
- [--] Months [------] -3.90%
- [--] Year [------] -8%

### Mentions: [--] [#](/creator/twitter::1123773749935972352/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1123773749935972352/c:line/m:posts_active.svg)

- [--] Months [---] -24%
- [--] Year [-----] +20%

### Followers: [-----] [#](/creator/twitter::1123773749935972352/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1123773749935972352/c:line/m:followers.svg)

- [--] Week [-----] +0.35%
- [--] Month [-----] +0.61%
- [--] Months [-----] +2.80%
- [--] Year [-----] +5.60%

### CreatorRank: [---------] [#](/creator/twitter::1123773749935972352/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1123773749935972352/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [countries](/list/countries)  [currencies](/list/currencies)  [us election](/list/us-election)  [automotive brands](/list/automotive-brands)  [stocks](/list/stocks)  [travel destinations](/list/travel-destinations)  [financial services](/list/financial-services)  [cryptocurrencies](/list/cryptocurrencies)  [social networks](/list/social-networks) 

**Social topic influence**
[inflation](/topic/inflation), [debt](/topic/debt), [philippines](/topic/philippines), [fed](/topic/fed), [rates](/topic/rates), [fed rate](/topic/fed-rate) #574, [tariffs](/topic/tariffs), [federal reserve](/topic/federal-reserve), [signals](/topic/signals), [gdp](/topic/gdp)

**Top assets mentioned**
[Reserve (RSV)](/topic/reserve) [April (APRIL)](/topic/april)
### Top Social Posts
Top posts by engagements in the last [--] hours

"The peso inched up after a healthy downward correction in global oil prices. The peso slightly rose after the Biden Administration signalled willingness to talk with Iran that could lead to new easing of sanctions on Iran oil exports https://www.bworldonline.com/peso-rebounds-as-oil-prices-ease/ https://www.bworldonline.com/peso-rebounds-as-oil-prices-ease/"  
[X Link](https://x.com/MikeRicafort888/status/1363408016515600387)  2021-02-21T08:39Z [----] followers, [--] engagements


"Most US stock markets corrected slightly lower overnight after softer US existing home sales data and the recent hawkish signals from some Fed and ECB (European Central Bank) officials that suggest more aggressive rate hikes/monetary tightening https://www.bworldonline.com/stock-market/2022/04/21/443771/local-shares-drop-on-profit-taking-rate-hike-fears/ https://www.bworldonline.com/stock-market/2022/04/21/443771/local-shares-drop-on-profit-taking-rate-hike-fears/"  
[X Link](https://x.com/MikeRicafort888/status/1517278567616290816)  2022-04-21T23:06Z [----] followers, [--] engagements


"My first ever live TV/radio interview at GMA/DZBB. Thank you so much Weng Salvacion and Joel Reyes Zobel for this great interview on the latest peso exchange rate Fed rate hikes inflation and the impact on the economy Interview link (starting 8:34am): https://youtu.be/3HNArtfP4rg https://youtu.be/3HNArtfP4rg"  
[X Link](https://x.com/MikeRicafort888/status/1572761554168135680)  2022-09-22T01:35Z [----] followers, [--] engagements


"Perhaps the most important data globally: Elevated US inflation/CPI data that need to significantly ease from 40-year highs to reduce the need for more aggressive US Fed rate hikes (the main cause of the stronger US dollar worldwide). Thank you so much Naomi Tiburcio & PTV Team"  
[X Link](https://x.com/MikeRicafort888/status/1575653624713072640)  2022-09-30T01:07Z [----] followers, [--] engagements


"This would complement dollar funding agreements of the country with other central banks in Asia thereby adding to the cushion for the peso exchange rate if needed based on existing global best practices https://tribune.net.ph/2022/10/27/tapping-imf-last-resort/ https://tribune.net.ph/2022/10/27/tapping-imf-last-resort/"  
[X Link](https://x.com/MikeRicafort888/status/1585463817160445953)  2022-10-27T02:50Z [----] followers, [--] engagements


"as countries collectively learned from the lessons of the Asian financial crisis in the late 1990s and past crisis periods"  
[X Link](https://x.com/MikeRicafort888/status/1585463845962756097)  2022-10-27T02:50Z [----] followers, [--] engagements


"A stronger peso would help ease inflationary pressures especially as the Philippines is mostly import-dependent. The local currency appreciation was also partly supported by gains in the local stock and bond markets. https://www.rappler.com/business/philippine-peso-us-dollar-exchange-rate-february-2-2023/ https://www.rappler.com/business/philippine-peso-us-dollar-exchange-rate-february-2-2023/"  
[X Link](https://x.com/MikeRicafort888/status/1621246758213787648)  2023-02-02T20:38Z [----] followers, [--] engagements


"The relatively high GIR would further strengthen the country's external position fundamentally supporting the country's favorable credit ratings. These reflect the Philippines' improved economic and credit fundamentals https://www.manilatimes.net/2023/04/06/business/top-business/ph-dollar-reserves-improve-to-1002b/1885922/amp https://www.manilatimes.net/2023/04/06/business/top-business/ph-dollar-reserves-improve-to-1002b/1885922/amp"  
[X Link](https://x.com/MikeRicafort888/status/1645396618978660352)  2023-04-10T12:01Z [----] followers, [---] engagements


"Partly due to strengthening of the US dollar indications for a possible cut in the Bangko Sentral ng Pilipinas (BSP) key rates if inflation decelerates further down to [--] percent level and the hawkish signals from Federal Reserve officials"  
[X Link](https://x.com/MikeRicafort888/status/1672389084080377856)  2023-06-23T23:40Z [----] followers, [--] engagements


"It is good timing for the government to borrow more next year. This is amid the easing trend in inflation and eventually interest rates and borrowing costs especially if the Fed starts cutting rates in 2024"  
[X Link](https://x.com/MikeRicafort888/status/1672391727322402816)  2023-06-23T23:50Z [---] followers, [--] engagements


"fundamentally the local inflation trend and the behavior of the peso exchange rate which affects import prices and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1672399983977582593)  2023-06-24T00:23Z [----] followers, [--] engagements


"May track the rise in yields seen at the secondary market last week after hawkish signals from Mr. Powell. Signals of a possible rate cut by January or February [----] if inflation eases further could also affect yields"  
[X Link](https://x.com/MikeRicafort888/status/1673102005873823744)  2023-06-25T22:53Z [----] followers, [--] engagements


"The USDPHP CCS would allow banks and their clients to hedge foreign exchange and interest rate risks as part of the development of the financial and capital markets"  
[X Link](https://x.com/MikeRicafort888/status/1673403765985275904)  2023-06-26T18:52Z [----] followers, [--] engagements


"launch of the peso-US dollar cross-currency swaps market also benefited the local currency since this would allow banks and their clients to hedge foreign exchange and interest rate risks for longer tenors"  
[X Link](https://x.com/MikeRicafort888/status/1673404956093874176)  2023-06-26T18:57Z [----] followers, [--] engagements


"Treasury bill auction yields rose for the fifth consecutive week; after recent hawkish Federal Reserve signals indicating possible one to two rate hikes for the rest of the year"  
[X Link](https://x.com/MikeRicafort888/status/1673982848284635139)  2023-06-28T09:14Z [---] followers, [--] engagements


"The higher auction yield was also after recent signals of a possible local policy rate cut around January-February [----] if inflation eases further to below [--] percent by then"  
[X Link](https://x.com/MikeRicafort888/status/1673982877686706177)  2023-06-28T09:14Z [----] followers, [--] engagements


"Traced the pesos performance to the general weakening of the US dollar the launch of the Philippine peso-US dollar cross-currency swaps that would allow banks and their clients to hedge foreign exchange and interest rate risks"  
[X Link](https://x.com/MikeRicafort888/status/1673986692439760897)  2023-06-28T09:29Z [----] followers, [--] engagements


"The still elevated inflation could increase the government expenditures while higher interest rates could add to the states financing costs and overall debt servicing bill"  
[X Link](https://x.com/MikeRicafort888/status/1673991038887927808)  2023-06-28T09:47Z [----] followers, [--] engagements


"all of which would support/sustain further improvement in the countrys jobs/employment data going forward"  
[X Link](https://x.com/MikeRicafort888/status/1677971585423265793)  2023-07-09T09:24Z [----] followers, [--] engagements


"Investors await the release of the June US consumer price index (CPI) report on July [--] and latest US jobless claims data on July [--] as both could affect the Feds next move"  
[X Link](https://x.com/MikeRicafort888/status/1678357707810832385)  2023-07-10T10:57Z [---] followers, [--] engagements


"Exports recorded to among six-month highs after the pickup in electronic exports which are the countrys largest exports after the easing of prices/inflation especially lower prices of global oil and other major commodities"  
[X Link](https://x.com/MikeRicafort888/status/1678815162411909120)  2023-07-11T17:20Z [----] followers, [--] engagements


"US inflation for the month of June 2023widely expected by the markets to ease further toward [--] percent from [--] percent in May [----] and moving closer to the US Feds target of [--] percentis a source of new leads for the US/global/local financial markets"  
[X Link](https://x.com/MikeRicafort888/status/1678903778865733633)  2023-07-11T23:11Z [----] followers, [--] engagements


"The Philippines membership in the Regional Comprehensive Economic Partnership (RCEP) agreement which took effect last June could also benefit the country through increased export sales at lower tariffs and expanded sources of imports"  
[X Link](https://x.com/MikeRicafort888/status/1678907480028610560)  2023-07-11T23:21Z [----] followers, [--] engagements


"However this would also mean increased competition for some local producers or suppliers in view of the influx of cheaper imports from other RCEP member countries for the coming years"  
[X Link](https://x.com/MikeRicafort888/status/1678907510642851840)  2023-07-12T00:00Z [----] followers, [--] engagements


"Supported by the easing of the US consumer price index (CPI) which could stoke the Fed to cut rates"  
[X Link](https://x.com/MikeRicafort888/status/1679628257019432960)  2023-07-13T23:05Z [---] followers, [--] engagements


"Some seasonal increase in OFW remittances and conversion to pesos for tuition payments to finance other school opening-related expenditures as one of the reasons for the pesos appreciation"  
[X Link](https://x.com/MikeRicafort888/status/1680713100587319296)  2023-07-16T22:56Z [----] followers, [--] engagements


"The start of the year the peso appreciated by [---] percent to [----] as of July [--] from [-----] at the end of [----]. This appreciation was one of the strongest in the region next to Indonesian rupiahs [---] percent"  
[X Link](https://x.com/MikeRicafort888/status/1680713147471249410)  2023-07-16T22:56Z [---] followers, [--] engagements


"If the US CPI/inflation goes down further to the Feds target of two percent later in [----] at the earliest then this could eventually justify and usher the start of Fed rate cuts especially into [----] that could also be matched locally"  
[X Link](https://x.com/MikeRicafort888/status/1683324849870213120)  2023-07-24T04:08Z [----] followers, [--] engagements


"The higher debt servicing bill since the start of [----] may have to do with higher debt maturities earlier this year as well as higher interest rates financing costs and weaker peso exchange rate since last year"  
[X Link](https://x.com/MikeRicafort888/status/1683345750561009666)  2023-07-24T05:34Z [----] followers, [--] engagements


"The ban could reduce global rice supplies leading to some uptick in world rice prices which in turn could lead to higher rice import prices for the Philippines. This could lead to some uptick in overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1683346920784433154)  2023-07-24T05:34Z [---] followers, [---] engagements


"The Monetary Board could go either way next month. A matching +0.25 percentage point local policy rate hike would be possible to maintain healthy interest rate differentials"  
[X Link](https://x.com/MikeRicafort888/status/1685545083792416768)  2023-07-30T07:01Z [---] followers, [---] engagements


"Average inflation/CPI (June-July 2023): 6.8% year-on-year; the slowest in [--] months. Core inflation/CPI (July 2023):6.7% year-on-year; slower vs. the previous months 7.4%; but still faster vs. 3.9% a year ago (Jul. 2022)"  
[X Link](https://x.com/MikeRicafort888/status/1687283279484092416)  2023-08-04T02:08Z [----] followers, [--] engagements


"Stable rates for this year are possible as long as there will be no major negative turns in the economy. The markets recently priced in lower odds of another [----] Federal Reserves rate hike for the rest of 2023"  
[X Link](https://x.com/MikeRicafort888/status/1688315070856732672)  2023-08-06T22:24Z [----] followers, [--] engagements


"thereby supporting a possible pause on Fed and local policy rates as supported by inflation moving closer to the inflation target of the central banks for both countries"  
[X Link](https://x.com/MikeRicafort888/status/1688315096391663616)  2023-08-06T22:24Z [----] followers, [--] engagements


"A possible local policy rate hike to match the latest US.Federal Reserve hike would aim to maintain healthy interest rates differentials to stabilize the peso exchange rate versus the US dollar import prices and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1688321099568979968)  2023-08-06T22:54Z [---] followers, [--] engagements


"Rice accounts for nearly [--] percent of the consumer price index the recent increase in local prices would keep the rate of inflation from falling"  
[X Link](https://x.com/MikeRicafort888/status/1688323317273686016)  2023-08-06T23:14Z [---] followers, [--] engagements


"Philippine GDP growth (2Q 2023): o 4.3% year-on-year; slower vs. +7.5% a year ago (2Q [----] when there was election-related spending; mathematically due to higher base/denominator effects especially in view of the Presidential elections/local elections spending a year ago"  
[X Link](https://x.com/MikeRicafort888/status/1689450256868741120)  2023-08-10T01:35Z [----] followers, [---] engagements


"towards greater normalcy since 2H [----] (relatively higher GDP denominator; after the one-time large GDP denominator increase in 2Q [----] due to election-related spending that is done and over with that quantitatively led to the slower-than-expected 2Q [----] GDP growth of 4.3%);"  
[X Link](https://x.com/MikeRicafort888/status/1689457558149550080)  2023-08-10T02:04Z [----] followers, [--] engagements


"GDP numerator also weighed by higher prices/inflation that weighed on spending and higher interest rates that led to higher borrowing costs/financing costs that slowed down investments"  
[X Link](https://x.com/MikeRicafort888/status/1689457580261945345)  2023-08-10T02:04Z [----] followers, [--] engagements


"Possible 25-basis point interest rate hike in the next policy meeting on August [--] to match with the latest hikes in the US helping the peso stabilize. However a pause cannot be completely ruled out given the softer GDP data recently"  
[X Link](https://x.com/MikeRicafort888/status/1689886232342605824)  2023-08-11T06:27Z [---] followers, [---] engagements


"Elevated inflation and higher interest rates have raised the cost of investments. Membership in the Regional Comprehensive Economic Partnership trade deal would help attract more FDIs in the coming months"  
[X Link](https://x.com/MikeRicafort888/status/1690306723184324609)  2023-08-12T10:18Z [----] followers, [--] engagements


"For the next local policy rate-setting meeting on Aug. [--] a 25-basis point rate hike is possible to match the latest 25-basis-point Fed rate hike on July [--] to maintain healthy interest rate differentials"  
[X Link](https://x.com/MikeRicafort888/status/1691123358245744641)  2023-08-14T16:23Z [----] followers, [--] engagements


"The Monetary Board would only start cutting rates after the US central bank does so. Cuts in BSP policy rates are expected to follow any Fed rate cuts especially in [----] prospectively"  
[X Link](https://x.com/MikeRicafort888/status/1692299619341095212)  2023-08-17T22:17Z [---] followers, [--] engagements


"As a de facto monetary easing by not matching the latest [----] percent Federal Reserve rate hike on [--] July 2023"  
[X Link](https://x.com/MikeRicafort888/status/1693744967079137556)  2023-08-21T22:00Z [---] followers, [--] engagements


"Following the surge in US Treasury yields ahead of the Feds Jackson Hole conference"  
[X Link](https://x.com/MikeRicafort888/status/1694116558371713372)  2023-08-22T22:37Z [---] followers, [--] engagements


"Higher rice prices which could lead to inflation once again rising were a factor in the peso's fall. A continued increase and US Treasury yields and the PSEi's plunge contributed"  
[X Link](https://x.com/MikeRicafort888/status/1694119674257264780)  2023-08-22T22:49Z [----] followers, [--] engagements


"If the US CPI/inflation goes to the Feds target of [--] percent later this year at the earliest then this could eventually justify and usher the start of Fed rate cuts especially into [----] that could also be matched locally"  
[X Link](https://x.com/MikeRicafort888/status/1694122771901780097)  2023-08-22T23:01Z [----] followers, [---] engagements


"Ahead of US Federal Reserve Chair Jerome H. Powells speech on Friday"  
[X Link](https://x.com/MikeRicafort888/status/1694369398080082014)  2023-08-23T15:21Z [---] followers, [--] engagements


"Ahead of the release of the US personal consumption expenditures price index and second-quarter GDP growth data"  
[X Link](https://x.com/MikeRicafort888/status/1696006411749314758)  2023-08-28T03:46Z [----] followers, [--] engagements


"Due to higher costs of production inputs; also due to higher inflation that increased the overall costs and narrowed the profit margins of producers amid the threat of cheaper imports amid the country's various free trade agreements"  
[X Link](https://x.com/MikeRicafort888/status/1696008544804536467)  2023-08-28T03:55Z [---] followers, [--] engagements


"Also cited the risk of losses from the point of view of producers as selling prices are partly reduced by cheaper imported dairy products"  
[X Link](https://x.com/MikeRicafort888/status/1696008576660373928)  2023-08-28T03:55Z [----] followers, [--] engagements


"Inflation in August could also be due to the increase in local and global oil prices with global crude oil prices among four-month highs recently"  
[X Link](https://x.com/MikeRicafort888/status/1696010007937171512)  2023-08-28T04:01Z [---] followers, [--] engagements


"The upcoming catalysts would be banks loan growth to be released on Aug. 31; domestic liquidity growth also on Aug. [--] and the latest manufacturing data to be released on Sept. [--]. https://www.philstar.com/business/2023/08/28/2291822/stocks-still-seen-bearish-week https://www.philstar.com/business/2023/08/28/2291822/stocks-still-seen-bearish-week"  
[X Link](https://x.com/MikeRicafort888/status/1696012631772151947)  2023-08-28T04:11Z [----] followers, [--] engagements


"The BSP meanwhile is set to meet on Sept. [--] for its next policy rate-setting which could match the next Fed rate decision on Sept. [--] in order to maintain healthy interest rate differentials"  
[X Link](https://x.com/MikeRicafort888/status/1696012661526606060)  2023-08-28T04:11Z [----] followers, [--] engagements


"After the deactivation of unregistered subscriber identity modules or SIM cards which might drag companies revenues and earnings for the coming months"  
[X Link](https://x.com/MikeRicafort888/status/1696016859244695861)  2023-08-28T04:28Z [----] followers, [--] engagements


"Rise in debt servicing during the years first half could be attributed to higher borrowing costs amid higher interest rates locally and globally to tame inflation"  
[X Link](https://x.com/MikeRicafort888/status/1696018307500085279)  2023-08-28T04:34Z [----] followers, [--] engagements


"Weaker peso exchange rate since last year also increased the peso equivalent of the countrys foreign debt and the debt servicing that comes along"  
[X Link](https://x.com/MikeRicafort888/status/1696018344657535465)  2023-08-28T04:34Z [----] followers, [--] engagements


"There is a need for government agencies to increase the utilization of government funds in view of the interest rates and other debt-servicing costs involved"  
[X Link](https://x.com/MikeRicafort888/status/1696018368858566979)  2023-08-28T04:34Z [----] followers, [--] engagements


"After recent signals of a possible cut in local policy rates in the first quarter of 2024"  
[X Link](https://x.com/MikeRicafort888/status/1696691583805214886)  2023-08-30T01:09Z [---] followers, [--] engagements


"T-bonds lower yield reflected the US Treasurys easing of interest rate"  
[X Link](https://x.com/MikeRicafort888/status/1697067297188556887)  2023-08-31T02:02Z [---] followers, [--] engagements


"Amid expectations of a pause at the US Federal Reserves next meeting"  
[X Link](https://x.com/MikeRicafort888/status/1697071791964098811)  2023-08-31T02:20Z [----] followers, [--] engagements


"The net increase in oil/fuel prices since July [----] could lead to higher prices of other goods and services in the economy passed on costs that could lead to some pick up in overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1697074048004690274)  2023-08-31T02:29Z [----] followers, [--] engagements


"T-bill and T-bond rates may track the decline seen in secondary market rates following lower 10-year US Treasury yields due to expectations that the Fed may be done with its tightening cycle"  
[X Link](https://x.com/MikeRicafort888/status/1698457202787262585)  2023-09-03T22:05Z [----] followers, [--] engagements


"Attributed the month-on-month decline to weak Chinese economic data and the Federal Reserves interest rate hike. Higher prices and interest rates locally and globally also partly weighed on global trade after aggressive"  
[X Link](https://x.com/MikeRicafort888/status/1698461068857581676)  2023-09-03T22:20Z [---] followers, [--] engagements


"US policy rate moves in an effort to bring down inflation back to the central bank targets amid a risk of economic slowdown in the US. Trade data may improve in the next few quarters as inflation weakens though he noted that reinflation risk remains"  
[X Link](https://x.com/MikeRicafort888/status/1698461122146238468)  2023-09-03T22:21Z [----] followers, [--] engagements


"Prior to this the countrys PMI was above the 50-mark for [--] months or since September 2021"  
[X Link](https://x.com/MikeRicafort888/status/1698462648726065475)  2023-09-03T22:27Z [---] followers, [---] engagements


"This could be offset by the effects of the lower individual income tax rates for most income brackets since [----] under the TRAIN Law that could still reduce governments tax/BIR revenue collections going forward"  
[X Link](https://x.com/MikeRicafort888/status/1698465345667842225)  2023-09-03T22:37Z [----] followers, [--] engagements


"The easing trend in inflation that could lower interest rates and financing costs would partly slow down debt servicing costs for the government"  
[X Link](https://x.com/MikeRicafort888/status/1698473258335539273)  2023-09-03T23:09Z [----] followers, [--] engagements


"The Treasury bill auction yields are mostly slightly lower than the comparable PHP BVAL yields as of Sept. [--] [----] especially the 91-day T-bill average auction yield at [-----] percent much lower vs. the comparable 3-month PHP BVAL yield"  
[X Link](https://x.com/MikeRicafort888/status/1698841058745127162)  2023-09-04T23:30Z [---] followers, [---] engagements


"at [----] percent as of Sept. [--] [----]. Treasury bill auction yields also eased after Federal Reserve fund futures now priced in no more Fed rate hike or pause for the rest of 2023"  
[X Link](https://x.com/MikeRicafort888/status/1698841079125320126)  2023-09-04T23:30Z [----] followers, [--] engagements


"This will also effectively transmit monetary policy especially the key local policy rate now at a 16-year high of [----] percent in a more dynamic and market/determined manner every business/trading day"  
[X Link](https://x.com/MikeRicafort888/status/1698847807392874787)  2023-09-04T23:57Z [---] followers, [---] engagements


"After Fed fund futures now priced in no more Fed rate hike or pause for the rest of [----] (compared to the previous weeks +0.25 Fed rate hike priced in on the Fed rate-setting meeting on November [--] 2023"  
[X Link](https://x.com/MikeRicafort888/status/1698848621360480617)  2023-09-05T00:00Z [----] followers, [--] engagements


"Augusts inflation rate of 5.3% faster than the 4.7% in July but slower than the 6.3% in August [----]. Food inflation stood at 8.1%. This could still ease in the coming months due to higher base/denominator effects"  
[X Link](https://x.com/MikeRicafort888/status/1699184096940118167)  2023-09-05T22:13Z [----] followers, [--] engagements


"but offset by the effectivity date today of the ceiling on rice prices. The recent net foreign selling at the local stock market despite the upward correction in the local stock barometer PSEi from near 10-month lows"  
[X Link](https://x.com/MikeRicafort888/status/1699184119799062826)  2023-09-05T22:13Z [----] followers, [--] engagements


"The market welcomed the governments implementation of a temporary price ceiling on rice which took effect Tuesday as this would curb inflationary pressures"  
[X Link](https://x.com/MikeRicafort888/status/1699185618709029014)  2023-09-05T22:19Z [----] followers, [--] engagements


"The changes are part of the development of the countrys yield curve and broader capital markets to have market determined rates from one day to [--] year tenors to reflect the true cost of funds as determined by market forces every day"  
[X Link](https://x.com/MikeRicafort888/status/1699187437489291390)  2023-09-05T22:27Z [---] followers, [--] engagements


"This would result in a more realistic and credible yield curve for market players instead of being distorted and artificially priced"  
[X Link](https://x.com/MikeRicafort888/status/1699187632004288548)  2023-09-05T22:27Z [---] followers, [--] engagements


"The auction yield also higher after global crude oil prices reached new 9.5-month highs (or since November 2022) that led to the 9th straight week of local fuel pump price increases that could also add to inflation"  
[X Link](https://x.com/MikeRicafort888/status/1699188708573159764)  2023-09-05T22:32Z [----] followers, [--] engagements


"as well as higher local rice prices recently (which account for nearly [--] percent of the inflation/CPI basket) though offset by the rice price ceiling effective today September [--] 2023"  
[X Link](https://x.com/MikeRicafort888/status/1699188745692688505)  2023-09-05T22:32Z [----] followers, [--] engagements


"The continued growth in banks assets and overall business reflect the continued reopening of the economy following the pandemic even though bank lending slowed due to high prices and borrowing costs"  
[X Link](https://x.com/MikeRicafort888/status/1699191728794952164)  2023-09-05T22:44Z [----] followers, [--] engagements


"Bets that the US Federal Reserve will not hike rates at its Sept. 19-20 meeting"  
[X Link](https://x.com/MikeRicafort888/status/1699193745550574079)  2023-09-05T22:52Z [----] followers, [--] engagements


"The price cap could help ease inflationary pressures. The latest rice price ceiling will help curb inflation if implemented well in terms of compliance by market players"  
[X Link](https://x.com/MikeRicafort888/status/1699195911921090948)  2023-09-05T23:00Z [----] followers, [---] engagements


"The changes are part of the development of a credible market-determined funding rate that will be determined by market forces daily. The yield curve (should be) more realistic and credible for market players"  
[X Link](https://x.com/MikeRicafort888/status/1699199640271478964)  2023-09-05T23:15Z [----] followers, [--] engagements


"Thank you so much Mr. Yuel Reyes & DZRH Team for this great early bird interview on the latest inflation dynamics & outlook as well as measures ease inflationary pressures especially for the coming Ber months. Interview link (starting at 5:05am):"  
[X Link](https://x.com/MikeRicafort888/status/1699541603654963272)  2023-09-06T21:54Z [----] followers, [--] engagements


"After global crude oil prices reached new 9.5-month highs or since November [----] that led to the ninth straight week of local fuel pump price increases that could also add to inflation and prompt a further increase in policy rates"  
[X Link](https://x.com/MikeRicafort888/status/1699574210312757642)  2023-09-07T00:04Z [---] followers, [---] engagements


"The weaker position of the Philippine peso against the US with the exchange rate at nine-month highs could lead to higher importation costs and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1699574232131493916)  2023-09-07T00:04Z [----] followers, [--] engagements


"Thank you so much Gerard Dela Pena & TV5/News5 Team for this great interview on the impact of the temporary price ceiling on regularly milled & well milled rice prices as well as the impact of subsidies on overall inflation. Interview link (6:38pm):"  
[X Link](https://x.com/MikeRicafort888/status/1700690460975796546)  2023-09-10T01:59Z [---] followers, [--] engagements


"This would result in a more realistic and credible yield curve for market players instead of being distorted and artificially priced"  
[X Link](https://x.com/MikeRicafort888/status/1700995740594774511)  2023-09-10T22:12Z [---] followers, [--] engagements


"Booster by news that the Philippines had signed a free trade agreement with South Korea"  
[X Link](https://x.com/MikeRicafort888/status/1700996988144373807)  2023-09-10T22:17Z [----] followers, [--] engagements


"For this week the peso could move sideways against the dollar as the market awaits the release of August US consumer and producer inflation data which could affect the Feds decision this month"  
[X Link](https://x.com/MikeRicafort888/status/1700997691835371950)  2023-09-10T22:20Z [----] followers, [--] engagements


"Due to recent signals from monetary authorities that they could intervene in the foreign exchange market if needed to stabilize the peso; also boosted by news that Philippine manufacturing output had risen in July"  
[X Link](https://x.com/MikeRicafort888/status/1701001630471340413)  2023-09-10T22:36Z [---] followers, [--] engagements


"The new peak of the debt stock may be attributed to wider budget deficits amid high inflation that also bloated government expenditures and higher interest rates that raised borrowing costs of the government"  
[X Link](https://x.com/MikeRicafort888/status/1701004442194370892)  2023-09-10T22:47Z [----] followers, [--] engagements


"that could end soon on the rice price ceiling since September [--] [----] and subsidies given to rice retailers since the weekend in an effort to discourage price manipulation/profiteering as well as curb rice prices and overall inflation (which picked up to [---] percent"  
[X Link](https://x.com/MikeRicafort888/status/1701273316965884038)  2023-09-11T16:35Z [----] followers, [--] engagements


"in August [----] from the 16-month low of [---] percent in July 2023); (and) in view of the palay harvest season by mid-September-October [----] that could increase palay/rice supplies and also help ease rice prices"  
[X Link](https://x.com/MikeRicafort888/status/1701273355142439249)  2023-09-11T16:35Z [----] followers, [--] engagements


"High interest rates also slowed operations of many businesses as countries continued to recover from the pandemic"  
[X Link](https://x.com/MikeRicafort888/status/1701275982743871520)  2023-09-11T16:46Z [----] followers, [--] engagements


"FDIs may have been weighed by higher prices/inflation and higher interest rates (after the aggressive policy rate hikes in the US/globally and locally in an effort to bring down inflation) that increased borrowing costs/financing costs"  
[X Link](https://x.com/MikeRicafort888/status/1701278046416937351)  2023-09-11T16:54Z [----] followers, [--] engagements


"Signals that inflation could return to its 2-4% target in the first quarter next year instead of this year"  
[X Link](https://x.com/MikeRicafort888/status/1701360500016390625)  2023-09-11T22:22Z [----] followers, [--] engagements


"Elevated inflation and higher interest rates had raised borrowing expenses resulting in higher investment costs. For the coming months offsetting positive factors include the lifting of the Covid state of a public health emergency"  
[X Link](https://x.com/MikeRicafort888/status/1701371555157323862)  2023-09-11T23:06Z [----] followers, [--] engagements


"The financial markets were expecting the US inflation to pick up to [---] percent in August from [---] percent in July on higher fuel prices"  
[X Link](https://x.com/MikeRicafort888/status/1701626191445377268)  2023-09-12T15:57Z [----] followers, [--] engagements


"The 7-year Treasury bond average auction yield stood at [----] percent lower versus the comparable 7-year PHP BVAL (Bloomberg Valuation Service) yield at [----] percent as of September [--] 2023"  
[X Link](https://x.com/MikeRicafort888/status/1701628220066701453)  2023-09-12T16:05Z [----] followers, [--] engagements


"The government made a partial award of its T-bond offer as rates were below comparable secondary market yields"  
[X Link](https://x.com/MikeRicafort888/status/1701633734095815000)  2023-09-12T16:27Z [----] followers, [--] engagements


"In view of the storm damage and the oil price hikes its still possible to see inflation pick up. It is possible by the 4th quarter well because of the still high base effects so theres still a chance for it to again resume its easing mode"  
[X Link](https://x.com/MikeRicafort888/status/1702014654560747651)  2023-09-13T17:41Z [----] followers, [--] engagements


"Expectations of faster US inflation in August; stronger dollar and higher global crude oil prices"  
[X Link](https://x.com/MikeRicafort888/status/1702019445642904060)  2023-09-13T18:00Z [----] followers, [--] engagements


"Following the release of US inflation news and as Philippine monetary authorities also signaled a pause in local policy rates next week. https://www.manilatimes.net/2023/09/15/business/top-business/peso-closes-weaker-stock-market-gains/1910153 https://www.manilatimes.net/2023/09/15/business/top-business/peso-closes-weaker-stock-market-gains/1910153"  
[X Link](https://x.com/MikeRicafort888/status/1702360848654856488)  2023-09-14T16:37Z [----] followers, [--] engagements


"Also improved after local monetary authorities signaled/reiterated a pause in local policy rates despite higher inflation that is supply-side in nature"  
[X Link](https://x.com/MikeRicafort888/status/1702494704905196008)  2023-09-15T01:29Z [---] followers, [--] engagements


"Fed pause as indicated by US central bank chief Jerome Powell and widely anticipated by the financial markets"  
[X Link](https://x.com/MikeRicafort888/status/1703894426958057618)  2023-09-18T22:11Z [----] followers, [--] engagements


"Would likely match the move of the Fed in order to maintain healthy interest rate differentials to support stability of the peso exchange rate import prices and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1703897116568170665)  2023-09-18T22:21Z [----] followers, [--] engagements


"Already signaled a hawkish pause for the meantime and a possible rate cut as early as the first quarter of next year"  
[X Link](https://x.com/MikeRicafort888/status/1703897820481343758)  2023-09-18T22:24Z [---] followers, [--] engagements


"As signaled by some local monetary authorities last month about the option of intervention in the local market if necessary in an effort to stabilize the peso exchange rate"  
[X Link](https://x.com/MikeRicafort888/status/1703898690518487149)  2023-09-18T22:27Z [---] followers, [--] engagements


"Could match the US Fed in order to maintain healthy interest rate differentials to support stability of the peso exchange rate import prices and overall inflation; a pause in local policy rates is also a possibility"  
[X Link](https://x.com/MikeRicafort888/status/1703901493198553134)  2023-09-18T22:39Z [----] followers, [---] engagements


"Could be attributed to slower global economic growth and trade amid risk of economic slowdown or even recession in the United States and mostly softer economic data in China"  
[X Link](https://x.com/MikeRicafort888/status/1703903834123493760)  2023-09-18T22:48Z [----] followers, [--] engagements


"As the implementation of price ceilings on milled rice pushed on through its second week as part of efforts to curb inflationary pressures"  
[X Link](https://x.com/MikeRicafort888/status/1703908607530852863)  2023-09-18T23:07Z [---] followers, [--] engagements


"The market is also looking at the possible temporary reduction of the rice import tariffs from the current [--] percent to zero or a maximum of [--] percent"  
[X Link](https://x.com/MikeRicafort888/status/1703908640330252625)  2023-09-18T23:07Z [----] followers, [--] engagements


"The latest year-on-year growth in banks assets or total resources may be attributed to the growth in bank loans as well as the continued growth in deposits that partly fund banks loans"  
[X Link](https://x.com/MikeRicafort888/status/1703915571971244113)  2023-09-18T23:35Z [----] followers, [--] engagements


"Offsetting risk factors include higher inflation/cost of living for OFWs themselves in host countries where they are based that could lead to more expenses in foreign countries and could potentially reduce any remittances sent back home"  
[X Link](https://x.com/MikeRicafort888/status/1703916750839136550)  2023-09-18T23:39Z [----] followers, [--] engagements


"The easing trend seen in the past few months as world prices of most base metals slipped on the risk of US economic slowdown and softer economic data seen in China also contributed to slower price inflation of construction"  
[X Link](https://x.com/MikeRicafort888/status/1703918938869121350)  2023-09-18T23:48Z [----] followers, [--] engagements


"Supported by a weaker dollar recently as the US central bank could keep its key rate steady for the rest of the year"  
[X Link](https://x.com/MikeRicafort888/status/1704260620491833695)  2023-09-19T22:26Z [---] followers, [--] engagements


"The increase in the external debt service is a function of larger amounts of matured foreign debts as manifested by the bigger year-on-year increase in principal payments"  
[X Link](https://x.com/MikeRicafort888/status/1704264344790614198)  2023-09-19T22:40Z [----] followers, [--] engagements


"The rise in external debt was due to the rise in global interest rates since [----] as manifested by the much higher interest payments on foreign debts on a year-on-year basis"  
[X Link](https://x.com/MikeRicafort888/status/1704264369109074032)  2023-09-19T22:41Z [---] followers, [--] engagements


"After the Asian Development Bank reduced its estimate for Philippine GDP (gross domestic product) growth for [----] to [---] percent; the country's balance of payments deficit had widened slightly and that gross international reserves had dipped in August"  
[X Link](https://x.com/MikeRicafort888/status/1704622280310214972)  2023-09-20T22:23Z [----] followers, [--] engagements


"After the Asian Development Banks downward revision of its Philippine gross domestic product growth estimate for [----] to [---] percent from [--] percent"  
[X Link](https://x.com/MikeRicafort888/status/1704625816741814409)  2023-09-20T22:37Z [----] followers, [--] engagements


"Factors that affected investor sentiment also include recent net foreign selling at the PSE higher US Treasury bonds yield and rising oil prices"  
[X Link](https://x.com/MikeRicafort888/status/1704628553332273239)  2023-09-20T22:48Z [----] followers, [--] engagements


"In the coming months the countrys BoP position will be supported by continued structural dollar inflows and the likely narrower trade deficit"  
[X Link](https://x.com/MikeRicafort888/status/1704629402158739729)  2023-09-20T22:51Z [----] followers, [--] engagements


"Due to a stronger dollar and global crude oil prices recently"  
[X Link](https://x.com/MikeRicafort888/status/1704630221796950264)  2023-09-20T22:54Z [----] followers, [--] engagements


"These would provide local and foreign investors the opportunity to invest in infrastructure units that may also need large capital for capital expenditure for the coming years; the units will also await better market conditions"  
[X Link](https://x.com/MikeRicafort888/status/1704631510102692002)  2023-09-20T22:59Z [----] followers, [--] engagements


"The market defied the latest declines in the US stock markets and ignored higher US Treasury yields with 10-year tenors at new highs in nearly [--] years"  
[X Link](https://x.com/MikeRicafort888/status/1705426454572585225)  2023-09-23T03:38Z [---] followers, [--] engagements


"Due to hawkish signals from the Bangko Sentral ng Pilipinas that interest rates could again be raised in November"  
[X Link](https://x.com/MikeRicafort888/status/1705428086433661013)  2023-09-23T03:45Z [----] followers, [--] engagements


"However the bourse ignored declines in US markets and higher US Treasury yields as a result of the Fed's having indicated that it was not done hiking interest rates"  
[X Link](https://x.com/MikeRicafort888/status/1705428121833615608)  2023-09-23T03:45Z [---] followers, [--] engagements


"Local policy rates would still be largely a function of future Fed rate moves (pause or hike) as well fundamentally the local inflation trend and the behavior of the peso exchange rate which affects import prices and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1705439445439385930)  2023-09-23T04:30Z [---] followers, [--] engagements


"A rate cut is possible as early as in the first quarter of next year if inflation reaches the BSPs two to four percent target. Thus the timeliness and size of any future local policy rate moves (pause or hike)"  
[X Link](https://x.com/MikeRicafort888/status/1705454763834478907)  2023-09-23T05:31Z [---] followers, [--] engagements


"would also be a function of the behavior of peso exchange rate given its impact on import prices and overall inflation. So if the peso exchange rate is relatively stable any future local policy rate adjustments would just match any future Fed rate moves (pause or hike)"  
[X Link](https://x.com/MikeRicafort888/status/1705454816255001072)  2023-09-23T05:31Z [----] followers, [--] engagements


"The average monthly wage rate grew in [----] in view of the need to adjust wages vis-a-vis inflation rate and also as a function of competition among businesses or industries for workers or talent"  
[X Link](https://x.com/MikeRicafort888/status/1706076666047651900)  2023-09-24T22:42Z [----] followers, [--] engagements


"Amid restrictive monetary policy/stance in recent months such as siphoning off some of the excess peso liquidity in the financial system as part of the measures to bring down elevated inflation curb inflationary pressures"  
[X Link](https://x.com/MikeRicafort888/status/1706103868743159831)  2023-09-25T00:30Z [----] followers, [--] engagements


"Amid signals from the Bangko Sentral ng Pilipinas (BSP) on a possible policy rate hike in November"  
[X Link](https://x.com/MikeRicafort888/status/1706104650133553472)  2023-09-25T00:33Z [----] followers, [--] engagements


"After the latest increase in the BSPs inflation estimates"  
[X Link](https://x.com/MikeRicafort888/status/1706545508209299554)  2023-09-26T05:45Z [----] followers, [--] engagements


"The recent gains in the local stock market somewhat continued to defy the more hawkish signals from local monetary officials and also from some Fed officials amid the need to better manage inflation and inflation expectations"  
[X Link](https://x.com/MikeRicafort888/status/1706868119183196343)  2023-09-27T03:07Z [----] followers, [--] engagements


"The dollar had reached its highest level in nearly [--] months; partly amid the rise in US Treasury yields"  
[X Link](https://x.com/MikeRicafort888/status/1706875957720879615)  2023-09-27T03:38Z [----] followers, [--] engagements


"The relatively higher interest rates/yields for the US$ RDBs could be attractive for retail investors with a minimum investment of US$200 and increments of US$100"  
[X Link](https://x.com/MikeRicafort888/status/1706881649403965910)  2023-09-27T04:01Z [----] followers, [--] engagements


"and could lead to strong demand given the low minimum amount to enjoy the higher interest rates especially if the investors hold the bonds until maturity to prevent market risk and enjoy the relatively higher coupon/interest rate income"  
[X Link](https://x.com/MikeRicafort888/status/1706881678491402289)  2023-09-27T04:01Z [----] followers, [--] engagements


"The US dollar generally strengthened on Tuesday to 10-month highs due to elevated US Treasury yields. Against the Japanese yen the dollar strengthened to 11-month highs"  
[X Link](https://x.com/MikeRicafort888/status/1706884519532605819)  2023-09-27T04:12Z [----] followers, [--] engagements


"The relatively higher interest rates/yields for the RDBs could be attractive for retail investors and could lead to strong demand given the low minimum amount to enjoy the higher interest rates"  
[X Link](https://x.com/MikeRicafort888/status/1706897487301345572)  2023-09-27T05:04Z [----] followers, [--] engagements


"especially if the investors hold the bonds until maturity to prevent market risk and enjoy the relatively higher coupon/interest rate income"  
[X Link](https://x.com/MikeRicafort888/status/1706897512135803351)  2023-09-27T05:04Z [----] followers, [--] engagements


"The growth in the total assets/resources in the financial system and of banks is similar to the growth in loans; but still faster/better than the economic growth as consistently seen in recent years"  
[X Link](https://x.com/MikeRicafort888/status/1706908637552402668)  2023-09-27T05:48Z [----] followers, [--] engagements


"However the slower growth in the total assets/resources of banks and nonbanks could be partly attributed to higher prices/inflation and higher interest rates"  
[X Link](https://x.com/MikeRicafort888/status/1706908707920163223)  2023-09-27T05:48Z [----] followers, [--] engagements


"The sustained double-digit growth rates in InstaPay and PESONet transactions came amid the accelerated adoption of digital banking transactions"  
[X Link](https://x.com/MikeRicafort888/status/1706910123732750741)  2023-09-27T05:54Z [----] followers, [---] engagements


"The yield was higher than the comparable US dollar- Republic of the Philippine (ROP) bonds in the secondary market helping attract more investors to get higher possible interest rate income for their dollars"  
[X Link](https://x.com/MikeRicafort888/status/1707124941072806233)  2023-09-27T20:07Z [----] followers, [--] engagements


"Can be attributed to market expectations of a further acceleration in the inflation rate during September"  
[X Link](https://x.com/MikeRicafort888/status/1708960051225104613)  2023-10-02T21:40Z [---] followers, [--] engagements


"For the week the PSEi gained for the second straight week up for the fourth week in five weeks by +178.45 points or [---] percent after the previous weeks +16.45 (points) or +0.3 percent"  
[X Link](https://x.com/MikeRicafort888/status/1708960830145118620)  2023-10-02T21:43Z [----] followers, [--] engagements


"Due to hawkish signals from local monetary officials on possible local policy rate hike on or before the November [--] [----] rate-setting meeting and could remain at similar levels in the first half of 2024"  
[X Link](https://x.com/MikeRicafort888/status/1708961423613890947)  2023-10-02T21:45Z [----] followers, [--] engagements


"The slight pick up in year-on-year producer prices could be attributed to higher prices of rice oil food especially vegetables after some storm damage since the latter part of July 2023"  
[X Link](https://x.com/MikeRicafort888/status/1708962197400072319)  2023-10-02T21:48Z [----] followers, [--] engagements


"The record government debt could also be attributed to wider budget deficits amid higher inflation that also bloated government expenditures and higher interest rates that raised borrowing costs of the government"  
[X Link](https://x.com/MikeRicafort888/status/1708963222068543553)  2023-10-02T21:52Z [----] followers, [--] engagements


"For the coming months new record highs for the outstanding national government debt is still possible in view of the upcoming dollar-denominated retail bond issuance that could reach more than $1 billion"  
[X Link](https://x.com/MikeRicafort888/status/1708971621141365246)  2023-10-02T22:26Z [----] followers, [--] engagements


"Tax and fiscal reform measures would help narrow the country's budget deficit and also curb the increment in the outstanding national debt going forward"  
[X Link](https://x.com/MikeRicafort888/status/1708976557740744838)  2023-10-02T22:45Z [----] followers, [--] engagements


"Due to broad dollar strength"  
[X Link](https://x.com/MikeRicafort888/status/1708977402381271185)  2023-10-02T22:48Z [---] followers, [--] engagements


"Due to hawkish signals from US Federal Reserve officials; expectations of faster inflation in September"  
[X Link](https://x.com/anyuser/status/1709231280234319984)  2023-10-03T15:37Z [--] followers, [--] engagements


"GDP growth of [---] percent to [--] percent for [----] is still realistic; it is also still among the fastest growing economies in ASEAN. Elevated consumer prices would still reduce spending by consumers and businesses industries govt. & other institutions"  
[X Link](https://x.com/MikeRicafort888/status/1709347643405766682)  2023-10-03T23:20Z [---] followers, [--] engagements


"Following a boost in local market sentiment attributed to the removal of caps on rice prices. The peso also became stronger after global crude oil prices lingered among 3-week lows with the Nymex crude oil benchmark at $88 per barrel levels"  
[X Link](https://x.com/MikeRicafort888/status/1709700060697829385)  2023-10-04T22:40Z [----] followers, [--] engagements


"After the US dollar weakened slightly against other major currencies since reaching 10-month highs recently"  
[X Link](https://x.com/MikeRicafort888/status/1709701634929143834)  2023-10-04T22:46Z [----] followers, [--] engagements


"Amid higher demand which reflects excess liquidity in the financial system. The temporary price cap for regular and well-milled rice which was lifted on Wednesday helped stabilize rice prices and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1709706063275274476)  2023-10-04T23:04Z [---] followers, [--] engagements


"Thus headline inflation could still reach the BSPs inflation target of 2-4% by the fourth quarter or the first quarter of [----] on higher base effects despite the recent higher prices of rice and oil"  
[X Link](https://x.com/MikeRicafort888/status/1709706101493842276)  2023-10-04T23:04Z [----] followers, [--] engagements


"or the single item that has the biggest share of the inflation basket/index vegetables fish) partly due the residual effects of the recent storm damage since July [----] up to September [----] transport costs (due to higher oil/fuel/petroleum prices especially since July 2023)"  
[X Link](https://x.com/MikeRicafort888/status/1709751433766277334)  2023-10-05T02:04Z [---] followers, [--] engagements


"still relatively weaker peso exchange rate vs. the US dollar (peso among the weakest in [--] months) that increased import prices/costs and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1709751482881540480)  2023-10-05T02:04Z [----] followers, [--] engagements


"Next local policy rate-setting meeting (November [--] 2023): Could match the next Fed rate decision on November [--] [----] (possible +0.25 Fed rate hike signaled by the Fed) in order to maintain healthy interest rate differentials to support stability of the peso exchange rate"  
[X Link](https://x.com/MikeRicafort888/status/1709753648300101641)  2023-10-05T02:13Z [----] followers, [--] engagements


"import prices and overall inflation; pause on local policy rates also a possibility especially if the peso exchange rate is relatively stable"  
[X Link](https://x.com/MikeRicafort888/status/1709753674363547976)  2023-10-05T02:13Z [---] followers, [--] engagements


"M3 growth at [---] percent similar/slightly slower vs. UKB/KB loans growth at [---] percent both of them slowed down in recent months but still faster than GDP/economic growth so a good sign/bright spot for the economy"  
[X Link](https://x.com/MikeRicafort888/status/1709957872287891855)  2023-10-05T15:45Z [----] followers, [--] engagements


"As faster-than-expected September inflation renewed hawkish BSP bets; after the dollar weakened from 10-month highs further against other major currencies"  
[X Link](https://x.com/MikeRicafort888/status/1709966259398517040)  2023-10-05T16:18Z [----] followers, [--] engagements


"The inflation of rice could have been faster had it not been for the temporary price ceiling; the headline inflation is still expected to ease year on year for the coming months"  
[X Link](https://x.com/MikeRicafort888/status/1710051231404539975)  2023-10-05T21:55Z [---] followers, [--] engagements


"Increasing inflation was particularly linked to rice prices crop damage from typhoons earlier this year and a weakening peso that hiked import prices"  
[X Link](https://x.com/MikeRicafort888/status/1710053487084548553)  2023-10-05T22:04Z [---] followers, [--] engagements


"Increasing inflation was particularly linked to rice prices crop damage from typhoons earlier this year and a weakening peso that hiked import prices"  
[X Link](https://x.com/MikeRicafort888/status/1710055393878065437)  2023-10-05T22:12Z [---] followers, [--] engagements


"Thank you so much Ian Maghanoy & Balitang A2Z Team for this great interview on the latest inflation & rice price update/outlook. Interview link (starting at 5:45): https://www.youtube.com/live/x5mXvAbftsgsi=U8FvK6oXiXLy1WJ1 https://www.youtube.com/live/x5mXvAbftsgsi=U8FvK6oXiXLy1WJ1"  
[X Link](https://x.com/MikeRicafort888/status/1710061322342215833)  2023-10-05T22:36Z [----] followers, [--] engagements


"Due to hawkish signals from local monetary officials on possible local policy rate hike on or before the November [--] [----] rate-setting meeting and could remain at similar levels in 1H 2024;"  
[X Link](https://x.com/MikeRicafort888/status/1710068197834002525)  2023-10-05T23:03Z [----] followers, [--] engagements


"Undersubscription that also leads to rejection of higher bid yields could reduce the volume of government securities/borrowings vs. program partly as a function of elevated US/global bond yields"  
[X Link](https://x.com/MikeRicafort888/status/1710069281080365109)  2023-10-05T23:07Z [----] followers, [--] engagements


"RDBs would be met with strong demand as the minimal investment requirement with higher interest rate would be attractive to retail investors"  
[X Link](https://x.com/MikeRicafort888/status/1710071560457879734)  2023-10-05T23:16Z [----] followers, [--] engagements


"Persistent inflation and high interest rates weighed on manufacturing firms operations"  
[X Link](https://x.com/MikeRicafort888/status/1710073593202397454)  2023-10-05T23:24Z [----] followers, [--] engagements


"The conflict caused global crude oil prices to rise"  
[X Link](https://x.com/MikeRicafort888/status/1711496403326001230)  2023-10-09T21:38Z [----] followers, [--] engagements


"The Philippine economy will remain among Asias strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos. https://tribune.net.ph/2023/10/07/phl-economy-still-strongest-this-year-rcbc/ https://tribune.net.ph/2023/10/07/phl-economy-still-strongest-this-year-rcbc/"  
[X Link](https://x.com/MikeRicafort888/status/1711498002022699295)  2023-10-09T21:44Z [----] followers, [--] engagements


"The latest GIR still posted net increase over the past year after the continued increase of the countrys structural US dollar/foreign currency inflows such as remittances from overseas Filipino workers and revenues from BPOs"  
[X Link](https://x.com/MikeRicafort888/status/1711499169402421583)  2023-10-09T21:49Z [---] followers, [--] engagements


"The reserves in the coming months could be supported by the continued growth in structural inflows from OFW remittances business process outsourcing revenues exports tourism receipts and foreign investment inflows. https://www.manilastandard.net/business/314378002/gir-fell-to-98-7-billion-in-september.html https://www.manilastandard.net/business/314378002/gir-fell-to-98-7-billion-in-september.html"  
[X Link](https://x.com/MikeRicafort888/status/1711501766314037649)  2023-10-09T21:59Z [----] followers, [--] engagements


"The sudden eruption of the Israel-Hamas war increased bond yields at the United States Treasury and hawkish signals from local monetary authorities on their readiness to resume monetary policy among others"  
[X Link](https://x.com/MikeRicafort888/status/1711502427025993938)  2023-10-09T22:02Z [---] followers, [---] engagements


"The still relatively high GIR could still strengthen the countrys external position which is a key pillar for a favorable credit rating from major debt watchers"  
[X Link](https://x.com/MikeRicafort888/status/1711505732196278503)  2023-10-09T22:15Z [----] followers, [--] engagements


"The decrease in the countrys foreign currency reserves was amid the decline in foreign investments due to increased US/global market volatility recently lower value of gold holdings amid the decline in world gold prices during the month"  
[X Link](https://x.com/MikeRicafort888/status/1711506546667262261)  2023-10-09T22:18Z [----] followers, [--] engagements


"and some payment of foreign debt and other US dollar/foreign currency-denominated obligations"  
[X Link](https://x.com/MikeRicafort888/status/1711506572877414461)  2023-10-09T22:18Z [----] followers, [--] engagements


"The rediscount windows were untapped last month as there was ample liquidity in the financial system. Banks also have other alternative sources of funding such as deposits interbank borrowings and other fundraising activities in the capital markets"  
[X Link](https://x.com/MikeRicafort888/status/1711508573027799163)  2023-10-09T22:26Z [----] followers, [--] engagements


"US Treasury yields rose after the data release as a strong economy may support the Feds higher for longer stance"  
[X Link](https://x.com/MikeRicafort888/status/1711509244674265451)  2023-10-09T22:29Z [---] followers, [--] engagements


"The next local policy rate-setting meeting could match the next Federal Reserve rate decision in order to maintain healthy interest rate differentials to support stability of the peso exchange rate import prices and overall inflation"  
[X Link](https://x.com/MikeRicafort888/status/1711514443434344556)  2023-10-09T22:50Z [---] followers, [--] engagements


"Aside from the declining trade deficit the stronger net foreign direct investments (FDIs) data also supported the stronger peso trading"  
[X Link](https://x.com/MikeRicafort888/status/1711759317588906227)  2023-10-10T15:03Z [----] followers, [--] engagements


"The Israel-Hamas war led to some investment shifts to the safest assets such as U.S. or local government bonds as the tendency whenever there are geopolitical uncertainties"  
[X Link](https://x.com/anyuser/status/1711760048228274500)  2023-10-10T15:06Z [--] followers, [---] engagements


"Still relatively high GIR at $98.7 billion could still strengthen the country's external position which is a key pillar for the country's continued favorable credit ratings for the third straight year"  
[X Link](https://x.com/MikeRicafort888/status/1711763215372423597)  2023-10-10T15:18Z [----] followers, [--] engagements


"After news that the country's trade deficit data had narrowed in August and that net FDI surged in July; after the gauge of the US dollar vs. major global currencies again slightly eased to 1-week lows and down from 10-month highs recently"  
[X Link](https://x.com/MikeRicafort888/status/1711868415449919595)  2023-10-10T22:16Z [----] followers, [--] engagements


"Government spending on various projects or programs especially on infrastructure could be accelerated a few months before or as early as [----] in preparation for the midterm elections"  
[X Link](https://x.com/MikeRicafort888/status/1711871947221651804)  2023-10-10T22:30Z [----] followers, [--] engagements


"As there was ample liquidity in the financial system. Banks also have other alternative sources of funding such as deposits interbank borrowings and other fundraising activities in the capital markets"  
[X Link](https://x.com/MikeRicafort888/status/1711876882441072805)  2023-10-10T22:50Z [----] followers, [--] engagements


"such as through the issuance of bonds stocks and other securities. Banks also remained well-capitalized following infusions from their investors and profit growth lessening their need to tap the BSPs rediscount windows"  
[X Link](https://x.com/MikeRicafort888/status/1711876914879856800)  2023-10-10T22:50Z [---] followers, [--] engagements


"Still relatively high GIR levels would continue to provide structural support/buffer/cushion for the peso exchange rate especially greater protection versus any speculative attacks going forward"  
[X Link](https://x.com/MikeRicafort888/status/1711883928565661702)  2023-10-10T23:18Z [---] followers, [--] engagements


"However wholesale prices were faster than 4.5% a month before (July 2023) due to higher global crude oil prices since July [----] after the output cuts by Saudi Arabia and Russia to support world crude oil prices and prevent them from going down further"  
[X Link](https://x.com/MikeRicafort888/status/1711886771179688319)  2023-10-10T23:29Z [---] followers, [---] engagements


"The US and local stocks were expected to remain stable provided that the Israel-Hamas conflict does not spread to other countries in the Middle East especially the major oil-producing countries"  
[X Link](https://x.com/MikeRicafort888/status/1711911945706856774)  2023-10-11T01:09Z [---] followers, [--] engagements


"Signaled that a 25-basis-point (bp) rate hike could be on the table at their Nov. [--] meeting; also supported by the recent downward correction in the dollar due to dovish signals from US Federal Reserve officials"  
[X Link](https://x.com/MikeRicafort888/status/1712107637939314797)  2023-10-11T14:07Z [---] followers, [---] engagements


"Some officials from the US Federal Reserve have signaled a possible pause in monetary tightening while local monetary authorities signaled that the Monetary Board may fire off a 25-bp rate hike in their November meeting"  
[X Link](https://x.com/MikeRicafort888/status/1712795170775982389)  2023-10-13T11:39Z [----] followers, [--] engagements


"a tad less hawkish than his earlier hints about an off-cycle increase being on the table. The Israel-Hamas war led to some fund shifts to the safest assets such as US or local government bonds as is the tendency whenever there are geopolitical uncertainties or risks"  
[X Link](https://x.com/MikeRicafort888/status/1712795198215147578)  2023-10-13T11:39Z [---] followers, [--] engagements


"The continued flow of remittances from overseas Filipino workers or at least a [--] percent growth yearly will still support substantial levels of consumer spending especially during the Christmas season; more than $40 billion a year;"  
[X Link](https://x.com/MikeRicafort888/status/1712811337473310980)  2023-10-13T12:43Z [----] followers, [--] engagements

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