00:00The Banco Central ng Pilipinas raises its benchmark interest rate by 50 basis points to 5.50%.
00:07This as fears of inflation and the weakening peso put pressure on the central bank to keep borrowing costs high.
00:14BSP Governor Eli Remolona Jr. says the decision was based on forecasts that inflation will accelerate further in the coming
00:20months
00:21due to oil prices, transport fares, and the potential effects of El Niño on food prices.
00:25This comes after a jump in inflation from 6.1% in August to 7.2% in September, well
00:32above the BSP's target of 2-4%.
00:34Remolona says the numbers were worse than we thought.
