Mixed messages from Philippine central bank confound analysts

Hawkish and dovish: Espenilla has veered between statements that are both hawkish and dovish in the past month.

MANILA: Life is getting harder for Philippine central bank watchers.

Governor Nestor Espenilla has veered between statements that analysts say are both hawkish and dovish in the past month. While he’s voiced concern about price pressures broadening out in the economy and his own forecasts show inflation will breach the central bank’s target, the central bank has been reluctant to tighten policy.