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Manila, Metro Manila, Philippines (AHN) – The Philippines registered a higher-than-expected 4.5 percent inflation rate for April on Thursday.

The 12-month high inflation rate prompted the Philippine Central Bank to increase the key lending rate by 25 basis points in a bid to contain inflationary pressure.

The last time the country logged a 4.5 percent inflation rate was in April 2010. For the first four months of 2011, the average inflation rate – triggered by higher prices in most commodity groups – was 4.2 percent, according to the National Statistics Office.

Following the higher inflation rate revelation, the Philippine Central Bank’s Monetary Board adjusted the benchmark lending rate to 4.5 percent, the second 25-basis points increase in two months approved by the board.

The board increased higher interest rates to discourage loans and slow down consumer spending, while encouraging savings.

The aim of the higher interest rate is to limit inflation this year and in 2012 to a range of 3 to 5 percent. Price increases were recorded in the following items:

• Fuel, light and water – 8.8 percent
• Services – 6.5 percent
• Clothing – 1.9 percent
• Housing and repairs – 2.2 percent, and
• Miscellaneous goods – 1.2 percent.

The March and April rate hikes end 20 consecutive months that the Monetary Board kept interest rates at historic low levels since July 2009 to counter the negative impact of the global economic crisis on the country.

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Tokyo, Japan (AHN) – Here’s a story to drive you bananas; at the Toyoka Chuo Seika fruit factory, unripened bananas imported from the Philippines are subjected to 24 to 30 days of Mozart’s classical music resulting in what the company calls sweeter, fuller bananas.

Specifically, bananas enjoy Mozart’s String Quartet 17 and Piano Concerto 5 in D major, among other works, as they ripen in the company’s fruit factory.

It has been theorized that Mozart’s music is rich in “ink noise” or “1/f noise” which is a high frequency sound above 8,000 Hz, said to have relaxing and rejuvenating effects on humans.

Since the debut of the “Mozart bananas,” last July, sales have been up compared to last year’s “non-Mozart listening bananas,” selling locally for about $3.50 a bunch.

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New York, NY, United States (AHN) – The U.S. government has granted $434 million to the Philippines for investments in roads, community development projects and improvements in the country’s tax collection efforts under a five-year economic compact that aims to fight poverty.

U.S. Secretary of State Hillary Rodham Clinton and Philippine President Benigno Aquino III presided at the grant signing held at the Waldorf Astoria Hotel in New York City.

The grant was signed by Millennium Challenge Corp. (MCC) CEO Daniel Yohannes and Philippine Finance Secretary Cesar Purisima.

“This compact we were signing was created by and for the people of Philippines. Reflecting the policies articulated by President Obama at Millennium Development Goals Summit, this is a results-focused program promoting sustainable economic growth. This example of country-designed solutions strives to move the poor from poverty to prosperity,” Yohannes said in a statement.

The MCC agreement provides $214.4 million to construct and repair about 140 miles (220 kilometers) of a highway that traverses 15 municipalities to improve access to markets and services for farmers, fishers, and small businesses in some of the poorest provinces in the country.

Another $120 million is allocated to expand Kalahi-CIDSS, a development project that empowers communities by encouraging their participation in poverty-reducing activities. It will provide community grants to support building of critical infrastructure such as water systems, clinics, and schools.

The project allows poor communities to design and manage projects they need to increase their incomes and improve their lives.

A $54.3 million fund seeks to computerize and streamline business processes to bolster the effectiveness of tax collection and reduce opportunities for corruption.

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