The Gulf Daily News is reporting that interest is now at 12.5% for the Philippines.
Inflation in the Philippines surged to 12.5 percent last month, a 17-year high, the government said yesterday, warning that the rise could impact economic growth targets for this year.
Ralph Recto of the National Economic and Development Authority went on to say that meeting the target growth of 5.5% would be difficult with inflation at this rate but that would remain the goal.
It would appear the the improvement Americans have seen in the exchange rate may be due more to poor Philippine Peso rather than a strong dollar. While the dollar is going up, what that dollar buys is less because of higher prices.
The biggest price increase I’ve seen is for rice, gasoline and bus fares. Bus fares went up 100%. Making trips to Cebu City hard to make. My doctor just told me he wants to see me on Monday and that will cost me 1000 peso and I’m not real happy about that. The 1000 will be just for the bus to Cebu and the doctor’s visit. I have major issues with doing that. I’m trying to get him to work out direct billing to my insurance company. I’ve already gone down once. Not so sure I’m going to do so again.
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