Bank of the Philippines Governor Eli Remolona II said that the central bank is currently most concerned about the El Niño phenomenon, adding that the climate event will affect monetary policy decisions. Remolona said at a business forum in Manila: “Currently, the scenario we are most concerned about is El Niño.” He added, “The existence of normal El Niños, or mild El Niños, is bad news. But there is also strong El Niño, which would be very serious bad news. Therefore, we must consider these two scenarios and formulate monetary policy based on them.” Inflation expectations are moving closer to the central bank's 3% target.

Bank of the Philippines Governor Eli Remolona II said that the central bank is currently most concerned about the El Niño phenomenon, adding that the climate event will affect monetary policy decisions. Remolona said at a business forum in Manila: “Currently, the scenario we are most concerned about is El Niño.” He added, “The existence of normal El Niños, or mild El Niños, is bad news. But there is also strong El Niño, which would be very serious bad news. Therefore, we must consider these two scenarios and formulate monetary policy based on them.” Inflation expectations are moving closer to the central bank's 3% target.