Philippines to revise inflation target downwards

The Philippines has set a 4 to 5 percent average inflation rate target for next year, slightly lower than this year's target of 4.5 to 5.5 percent.

The central bank says the inflation target is consistent with the government's objective for growth in economic activity.

It says risks that accompany the outlook for 2003, including the adverse effect of the El Nino weather phenomenon and higher oil prices due to Middle East tensions, are expected to be offset by subdued demand next year and soft l

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