THE BANGKO SENTRAL ng Pilipinas (BSP) will likely end its tightening cycle after delivering a third straight rate hike later this month, the Bank of America (BofA) Global Research said. The BSP has so far raised its benchmark policy rate by 50 bps to 4.75% via two consecutive 25-bp hikes at its April and June meetings. For BofA, inflation remaining above the BSP’s target would also warrant the final 25-bp hike it called for this month. According to BofA, the country’s economic figures in the second quarter are pointing to “mixed signals,” especially with higher government spending but lower revenue. In the second quarter, government expenditure climbed by 6.5% to P1.684 trillion from the P1.582 trillion a year ago.