The study looked at how interest rates and inflation are connected in the Philippines from 2003 to 2019. They used different methods to analyze the data and found that when inflation goes up, interest rates tend to follow. This relationship is one-way, meaning inflation affects interest rates, not the other way around. They also found that inflation can explain about 4.72% of the changes in interest rates in the short term. Overall, there is a significant link between inflation and interest rates in both the short and long term.