The Philippines is stuck “between a rock and a hard place” as surging energy prices due to the war in Iran puts “very high inflationary risks” on an underperforming economy, its central bank governor has told the FT.
Inflation in the Philippines, which imports 95 per cent of its crude oil, is expected to average 5.1 per cent this year due to higher fuel prices, according to the Bangko Sentral ng Pilipinas (BSP), well above the central bank’s initial target of 2 per cent to 4 per cent.
But the BSP — which is seen by economists as one of the most inflation-focused central banks in the region — held interest rates this week during an unscheduled monetary policy meeting, as it weighs increasing concerns about flagging economic growth.
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