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July 23, 2008

Philippine: Inflation likely to stay high in 2008
The Philippine central bank expects inflation to remain at double-digits this year before easing to a single-digit figure in the first quarter of next year, Reuters quoted the bank’s managing director Cyd Tuano-Amador as saying Tuesday.

"For inflation, I see some bit of slowdown in the fourth quarter of 2008 but it could still be double-digit," she told reporters on the sidelines of a meeting in Singapore.

She added that the slowing global economy and some easing in food prices would help bring down inflation to single-digits in the first quarter of 2009.

Asked whether the central bank would consider raising interest rates further, Tuano-Amador said: "That's always on the table. I won't rule out any further policy rate hike."

"We should look at the stability of the currency. That's the concern of the central bank," she added, when asked about the peso <PHP=>.

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