Oil barrels are seen in front of dollar banknotes in this illustration taken on May 25, 2020. — REUTERS/DADO RUVIC/ILLUSTRATIONducers to stick with their plans to raise crude production in February would likely bring down fuel prices, which in turn could keep inflation within target, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.
“The increase in production by OPEC will help temper fuel prices and enable the Philippines to dampen inationary pressures moving forward,” Department of Finance Chief Economist Gil S. Beltran said in a text message. Amid recent developments, the BSP chief said a hike in transport fares is “unlikely” as public transportation capacity will be raised alongside easing mobility curbs.
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