Security Bank Chief Economist Angelo B. Taningco said the BSP could remain hawkish but with a less aggressive stance after weaker-than-expected inflation and gross domestic product (GDP) growth. This means ending its tightening cycle with a final 25-basis-point (bp) rate hike at its upcoming policy review on Aug. 27. Mr. Leather noted that further tightening will strain domestic activity, especially as he sees GDP growth missing the government’s target at around 3% this year and 4.5% next year. On the other hand, Nomura Global Markets Research is projecting up to a fourth straight 25-bp rate hike, noting that inflation concerns outweigh growth woes in the BSP’s policy framework. Since it began tightening in April, the central bank has so far lifted benchmark borrowing costs by 50 bps, which brought the policy rate to a near one-year high of 4.75%.