The Philippine central bank (Bangko Sentral ng Pilipinas) is considering another policy adjustment ahead of its scheduled meeting on 18 June.

According to the Business Times, Governor Eli Remolona stated that policymakers might not wait for the regular review session.

Remolona noted that the quarter-point interest rate increase that the Philippines implemented in April did not seem sufficient.

He explained that the monetary authority currently faces a substantial and persistent supply shock.

The governor described the decision between calling an off-cycle meeting and waiting for the scheduled date as a toss-up.

The central bank previously raised its key policy benchmark to 4.50% in April to help keep a lid on inflation.

Spiralling global fuel costs have raised concerns that rising pump prices could trigger widespread price hikes across consumer goods.

The central bank previously held an emergency meeting on 26 March to address economic concerns.

This move made it the first central bank in Asia to hold an off cycle meeting regarding the impact of the Middle East conflict.

Meanwhile the local currency has lost approximately 4.6% of its value against the US dollar.

Financial market data indicates that the peso recently breached the 60 peso level against the greenback.

The Philippines remains particularly vulnerable to global disruptions as a major oil importer currently experiencing capital outflows.

Remolona emphasised that the central bank wants to convey a clear message of proactive economic management.

The governor stated that the authority is trying to stay ahead of the curve and remains serious about managing inflation.

Featured image: Edited by Fintech News Philippines based on an image by noob via Magnific.