The warning was tied to the Iran war, which he described as a big and persistent supply shock likely to keep price pressures elevated.
In an interview aired Friday on One News, Remolona said policymakers must react forcefully when inflation is driven by prolonged external supply disruptions.
The remarks signal a more hawkish stance from the BSP as geopolitical conflict threatens to spill into domestic prices through energy and other imported costs.
As a new war chokes global oil, can the Philippines' rate hikes tame inflation without triggering a recession?
With Iran's 'protection racket' controlling 20% of world oil, how will the global economy respond?
Will a prolonged Middle East crisis cripple oil-dependent economies or accelerate a green energy revolution?