Bangko Sentral ng Pilipinas (BSP) will likely have to continue raising rates at its next two meetings to ensure inflation returns to within its 2-4% target range next year, its governor said on Friday.

BSP Governor Felipe M. Medalla said the likelihood that the central bank will not increase its policy rates at its next meetings was “extremely low.”

The central bank expects inflation, currently running at 14-year high of 8%, to be back to the 2-4% range in the second half of next year. “We have to do more to make sure that happens,” Mr. Medalla told Bloomberg TV.

The central bank on Thursday raised its overnight reverse repurchase facility rate to 5.50%, its seventh rate hike this year. It meets every six weeks. — Reuters