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ADB cites preemptive RP monetary policy.(Business)

Byline: EDU H. LOPEZ

The Asian Development Bank (ADB) has cited the Philippines' initiative in taking preemptive tightening of monetary policy to help contain inflationary impact of the rising crude oil prices.

ADB has urged developing countries in Asia to make some hard decisions to cope with high oil prices amid signs of economic stress starting to emerge.

A new ADB report noted that the price of world crude has risen by nearly 75 percent since the start of 2005.

As a net oil importer, Asia is vulnerable to high oil prices, which are likely to remain high for some time and could hurt the region's growth momentum.

The ADB report warns that as developing ...

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