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The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, may raise the policy interest rate by 25 basis points in its November meeting, Governor Eli Remolona said Wednesday.“We are looking at the numbers—twice, three times…We are worried about transport fare hikes… And I would not say we are done with tightening. We are watching carefully,” Remolona said.
Inflation peaked at 8.7 percent in January 2023 before easing in the next six months. But inflation in August picked up again to 5.3 percent and further to 6.1 percent in September. Remolona considered the spike in September headline inflation to 6.1 percent from 5.3 percent in August a “significant” increase, although the core number looked “encouraging.”Finance Secretary Benjamin Diokno said earlier he remained confident monetary authorities would consider all the latest relevant information before deciding on policy stance in the next meetings.
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