MANILA, Philippines — President Rodrigo Duterte on Friday said rising oil prices are the “number one culprit" in the Philippines’ multi-year high inflation, which is now higher than most emerging economies in Asia. Simply it's the prices of oil,” Duterte said in a speech. But it’s really --- the number one culprit is price of oil,” he added. Inflation jumped 6.4 percent in August, the highest level in almost a decade, as global oil and rice prices picked up. British banking giant HSBC has said the BSP will remain under pressure next year, as the second tranche of excise tax increases under the Duterte administration's tax reform law takes effect in January.

Source: Philippine Star September 22, 2018 10:18 UTC