A first: BSP eyes emergency rate meeting as inflation charges further
Recent price pressures may require extraordinary responses.
The Bangko Sentral ng Pilipinas (BSP) has repeatedly stressed that recent price spikes are mostly out of their purview, as August’s 6.4 percent jump in prices are due to rice and oil. Still, the central bank is considering new options in order to tame prices once and for all.
BSP Governor Nestor Espenilla, Jr. has committed to “take strong immediate action” following August price shocks, and even revealed that holding an off-cycle emergency meeting may be an option for them.
This would be a first in recent history, as the BSP has been loyal to their six-week cycle for reviewing interest rates.
Has change come in the central bank as well? Stay tuned.