Gov't raising Philippine inflation target for 2003

PHILIPPINES - The Bangko Sentral ng Pilipinas has convinced the Development Budget Coordination Committee to adjust upward the inflation target for 2003 to a range of 4.5 to 5.5 percent from the original target of 4-5 percent.

"I think the DBCC has agreed that we have to take into consideration potential risks to inflation," said BSP Deputy Governor Amando Tetangco Jr.

The Philippine Daily Inquirer said Tetangco identified the risks as the potential US-Iraq conflict that could trigger an increase

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