The Bangko Sentral ng Pilipinas (BSP) has hinted at possibly raising borrowing rates next month to counter the faster pace of price increases in September.
“We are considering hikes, but we’re going where the data leads us,” BSP Governor Eli Remolona said during a briefing, adding that some of the upside risks to inflation have materialized.
This was his response when asked on Wednesday about the previous caution of National Economic and Development Authority Secretary Arsenio Balisacan against raising interest rates.Balisacan may be against “very aggressive hikes,” Remolona said.“I wouldn’t say that we're done with the tightening," he said."I would say, it’s a serious concern whether supply-side shocks would have a lasting impact.
“Of course, we only control the demand side," Remolona said."And for now, we think tightening has relieved pressure from the demand side. So far, we think it hasn't really affected our growth prospects. We're watching that very, very carefully."Monetary authorities will meet again on Nov. 16.
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