Philippine Central Bank Raises Interest Rates
Source: http://philippineseconomy.blogspot.com/2008/07/philippine-central-bank-raises-interest.htmlPosted on Thursday, July 17th, 2008 | In Philippines
The Philippine central bank raised its benchmark interest rate by the most since 2000on 17 July and forecast inflation will exceed last month’s 14-year high on record oil and food prices. Bangko Sentral ng Pilipinas increased the rate it pays banks for overnight deposits by 0.5 percentage point to 5.75 percent.
Fuel prices in the Philippines have risen every week since April and rice costs have jumped 70 percent this year – the Philippines is the world’s biggest importer of rice and buys almost all of its oil from abroad.
Bangko Sentral increased its 2008 inflation estimate to a range of 9 percent to 11 percent today, from a previous prediction of 7 percent to 9 percent, citing a weak peso and higher food, transportation and energy costs.
GDP growth probably accelerated to 5.6 percent in the second quarter, the central bank also said today. The $118 billion economy expanded 5.2 percent in the first three months, the slowest in more than a year.
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Bank, central bank, Energy Costs, Food Prices, higher food, Oil, Philippine Central Bank Raises, Philippines, Record oil, The Philippines, USD
 About Claus Vistesen (http://clausvistesen.squarespace.com/)
Claus Vistesen is a 23 year old macroeconomist on the verge of finishing his MSc in Applied Economics and Finance from the Copenhagen Business School. His primary research interests are international finance and international macroeconomics, especially, the changing structure of global and national demographics. Claus takes an interest in the econometrics discipline which he intends to dig deeper into post graduate. He primarily writes out of his own blog Alpha.Sources as well as Global Economy Matters. He liaises closely with his colleague and friend Edward Hugh whom he develops and produces research material and articles with. In terms of specific topics Claus tracks the European economies as well as Japan as his main areas of focus. Claus has been online with Alpha.Sources since September 2005 and has realized how a serious online presence can be an asset in terms of academic work as well as on a personal relationship level. He is grateful for the reactions, opinions, and contacts he has received through this site. The interaction between macroeconomics and demographics is a strong anchor in what goes on at Alpha.Sources, and his work in general. In the end, Alpha.Sources represents a way for Claus to conceptualize his thoughts and views on the surrounding world, so no boxes and boundaries can be set on the content. |
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