OCBC research says Bank Indonesia (BI) and the PHILIPPINE C.BANK are likely to lift policy rates by 25bps each on Thursday evening. OCBC notes the Fed’s decision to hold rates may signal these Southeast Asian central banks expect near-term capital flow volatility to persist, so their policy decisions will be driven mainly by inflation and macro-stability concerns. OCBC adds BI’s expected hike would be consistent with its aim of preventing further deterioration in market sentiment.