Central Banks
Philippines Signals More Rate Action After Half-Point Move
- Key rate raised by 50 basis points, highest since Dec. 2008
- Sees inflation above target in 2023, and easing in 2024
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The Philippine central bank lifted its benchmark interest rate to a 14-year high on Thursday, while signaling more tightening to tame the quickest inflation in as many years.
Bangko Sentral ng Pilipinas increased the overnight reverse repurchase rate by 50 basis points to 5.5%, as predicted by all 21 analysts in a Bloomberg survey. That’s the third half-point move in this tightening cycle, and follows a 75 basis-point increase at the last meeting.