Workers in the Philippine capital will see their wages rise by a record 12%, with implementation set to start this month, Labor Secretary Francis Tolentino said on Tuesday.

Workers in the Philippine capital will see their wages rise by a record 12%, with implementation set to start this month, Labor Secretary Francis Tolentino said on Tuesday.

The Philippine central bank raised its benchmark interest rate for a second consecutive meeting, and Governor Eli Remolona said another increase is possible in August with inflationary pressures still strong despite an interim US-Iran peace deal.

The Philippines raised $2.5 billion from its second international bond sale of the year, seizing the opportunity to finance government spending as borrowing costs ease amid optimism on a potential US-Iran peace agreement.

Oil’s much-awaited decline may offer little respite for hard-hit consumers in the Philippines, where local pump prices were quick to skyrocket but could take up to a year to normalize.

The Philippines’ underemployment rate surged to its highest in nearly three years in April even as joblessness eased, with transport workers spending less hours on the road due to high oil prices.

Philippine inflation unexpectedly decelerated last month as transport costs eased with the central bank saying it will take necessary actions to ensure inflation returns to its target.

The Philippine central bank has cautioned banks against using foreign-exchange derivatives transactions as a tool to profit from currency volatility that has pushed the peso to a record low.

Philippine central bank Governor Eli Remolona said monetary authorities will have to react aggressively to avoid falling behind the curve in taming price pressures spurred by the Iran war.

Money sent home by Filipinos working overseas grew at the slowest pace in nearly three years in March, reflecting the impact of the global energy crisis sparked by the Iran war and signaling more weakness in the Philippine economy.

Two days after he dramatically re-emerged into public view, a Philippine politician with an outstanding arrest warrant is holed up in the Senate with police massed outside, one of the more bizarre episodes in the country’s politics in recent years.

Jollibee Foods Corp.’s profit fell 39% in the first quarter as costs surged, prompting the Philippines’ largest fastfood chain operator to review its targets and spending plan. Shares fell to the lowest in five years.

Allies of Philippines’ Vice President Sara Duterte took control of the Senate on Monday, potentially giving them sway over her upcoming impeachment trial and heightening political uncertainty in the country.

Philippine President Ferdinand Marcos Jr. is facing the country’s worst economic crisis since the pandemic as the energy shock unleashed by the Iran war hollows out consumer spending and fans inflation in a major Southeast Asian economy.

The Philippine central bank will likely need to take more aggressive interest-rate hikes to tame the faster-than-expected inflation spurred by the Middle East war, according to analysts.

The Philippine Coast Guard said four Chinese vessels were conducting illegal marine scientific research in its waters and threatened to deploy aircraft and boats to repel them.

The Philippines said on Sunday that thousands of people have evacuated the area south of Manila after Mayon Volcano erupted, and authorities advised the public to stay out of the six-kilometer radius danger zone.

Ayala Land Inc.’s first-quarter profit dropped by a fifth from a year ago on lower home sales, with the Middle East war seen hurting consumption and economic growth.

The Philippine central bank forecasts April inflation rate could surge to between 5.6% and 6.4%, breaching its target range, amid conflict in the Middle East.

The Philippine central bank will likely deliver a series of modest increases in its benchmark interest rate to rein in inflation spurred by the global oil shock, according to Governor Eli Remolona.