- BSP Governor Eli Remolona said the central bank models high and low oil prices and two El Niño cases, including a Godzilla event.
- Philippine inflation accelerated to 7.2% in September from 6.1% in August, with rice prices up 18%, according to the Philippine Statistics Authority.
- Remolona said the worst El Niño price impact is still to come, with effects expected from November through February.
- The BSP lifted its benchmark rate by 25 basis points to 5% in August.
- HSBC senior ASEAN economist Aris Dacanay expects the BSP to deliver another quarter-percentage hike next week to 5.25%, followed by a same-sized hike in December.
- The Agriculture Secretary warned that a fresh drought could squeeze domestic rice supply, and the FAO rice price index has risen for six consecutive months to a 20-month high.
Quotes
“We're holding our breath”
“We have the regular, ordinary El Niño, which is bad, and then we have the Godzilla El Niño, which is really, really bad”