Bangko Sentral ng Pilipinas

The country’s foreign reserves falls to US$99.5 billion in September, the lowest level since September 2023

The move is BSP’s fourth straight increase; it lifts 2027 inflation forecast to 6% from 5.4% on oil and El Nino risks

This remains way above the central bank’s tolerance range

Geopolitics has given way to issues related to the Fed, currency dynamics and El Nino

Economy slows dramatically late 2025 following a government probe into public works spending

The move follows a 25-basis-point increase at its previous meeting in April

Both economies have been hit by the steep increase in global oil prices

Spiralling fuel costs have raised concerns that pump prices could trigger hikes in other consumer goods

The BSP has warned that a prolonged oil price shock could disanchor inflation expectations