Philippine Long Distance Telephone (PLDT), the country’s biggest telecommunications group, on Tuesday said it was braced for a weaker second half of the year as the impact of soaring inflation hits demand for its phones.

Consumer prices rose by 12.2 per cent in July, the fastest pace since 1991, from 11.4 per cent the previous month, according to the government. The central bank has already raise key policy rates twice this year and is preparing to boost rates further.