The Monetary Policy Committee on Wednesday (September 25) reduced its forecast for economic growth this year from 3.3 to 2.8 per cent and for next year from 3.7 to 3.3 per cent.

LONDON-based Capital Economics and British banking giant HSBC are expecting the Philippine central bank to raise its policy rate by a further 25 basis points to 3.5 per cent in its monetary setting meeting today.