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As expected, the Bangko Sentral ng Pilipinas remained hawkish yesterday, delivering another 50-basis-point interest rate hike as there is a need for follow-through action to anchor inflation expectations and prevent price pressures from becoming further entrenched.
Inflation has not yet peaked despite easing slightly to 6.3 percent in August from 6.4 percent in July, according to economists.
The local unit closed at P57 against the greenback, as the peso finally tipped over since its previous close of P56.99.
Inflation likely remained elevated, staying above six percent for the third straight month in August due to rising global oil prices as well as increasing demand for goods and services as the economy further reopens from strict COVID quarantine and lockdown protocols, according to economists.
Philippine factory output recovered in August as production stabilized while employment in firms skyrocketed.