Average (2005–2012): Philippines – 52.2; Malaysia – 144.6; Singapore – 290.6; Thailand – 123.6; Indonesia – 44.3; Taiwan (PRC) – 118.7; South Korea – 84.6. BIS central bankers’ speeches  inflation would remain positive. These are wage rigidities and the upside risks from pending petitions for utility rate adjustments (electricity) and potential power shortages.
Given this scenario, what would the monetary response of the BSP be? Our initial projections using lower oil prices show that inflation would still be within the target range for 2015, which is now lower at 2–4 percent compared to the previous year’s target of 3–5 percent.