The central bank may start tightening its main policy rates at its upcoming monetary policy meeting on July 31 to temper inflation rate, which is expected to rise further in the coming months due to the typhoon season, according to ING Bank in Asia.

In a report released on Wednesday, Tim Condon, chief economist of ING Bank in Asia said that Typhoon Glenda—the first tropical storm of the season—is a reminder that the Philippines is especially vulnerable to these natural disasters, particularly for their effects on agriculture and food prices.

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