Inflation seen at 6.8 percent in September – Reuters poll
MANILA – A n n u a l inflation likely continued to climb in September, keeping the pressure on the central bank to raise interest rates further to prevent consumer prices from spiraling out of control.
The consumer price index in September was seen to have risen by 6.8 percent, a Reuters poll of 12 economists showed, faster than the 6.4 percent increase reported in August, due to rising global oil prices and crop losses after the region was hit by a super typhoon.
Their forecasts ranged from 6.3 to 7 percent.
The projection, which is in line with the central bank’s estimate, would be the highest since February 2009. The central bank gave a forecast range of 6.3 percent and 7.1 percent for September and said the rate could settle around 6.8 pct.
At its policy meeting last month, the central bank maintained that inflation would peak in September a nd s l owly e a s e back to within its 2- 4 percent target next year, due to a combination of monetary and non-monetary measures including removing non- tariff barriers to certain agricultural imports.
The central bank raised its benchmark rates for the fourth time in five months on Thursday, pushing them to seven- year highs of 4.5 percent, and kept the door open for further tightening as it battles to cool inflation.
Some economists believe t he central bank would deliver at least one more rate hike before the end of the year.
The Bangko Sentral ng Pilipinas, which has two more meetings l eft t his year, has raised the rate on i ts overnight reverse repurchase facility by a total 150 basis points since May. ( News)
ABS- CBN
BACOLOD City – The Bacolod Welcome Park will be up in time for the highlights of the 39th MassKara Festival.
The welcome marker i s being constructed by property giant Megaworld on the boundary of the cities of Bacolod and Talisay in Negros Occidental, along the Bacolod- Silay Airport Access Road.
Harold Brian Geronimo, senior assistant vice president for public relations and media affairs of Megaworld, who was in the city on Tuesday, said the structure will be completed by Oct. 15.
“I’m not sure yet of the lighting and everything else, but this month, we will be able to do that,” he said.
The Welcome Park, which will greet both incoming and outgoing visitors, will have as its centerpiece a 7.2-meter marker featuring colorful masks that will light up at night.
Geronimo s a i d t h e inauguration of the Bacolod Welcome Park will be held after the MassKara Festival, but tourists will be able to see the marker during the festival highlights.
“In the later part of the month when tourists from