Investors are betting Southeast Asia’s central banks will turn more hawkish after Bank Indonesia unexpectedly hiked its key rate last week, with the Philippines seeing the biggest impact to expectations.

The spread between the Philippine two-year bond yield and Bangko Sentral ng Pilipinas key rate widened after BI’s decision, indicating traders are anticipating a greater chance of a rate hike, according to data compiled by Bloomberg. BSP Governor Eli Remolona also flagged the possibility of an increase as soon as Thursday.