Fifth rate hike by Philippines

• Nov 16, 2018

MANILA: The Philippine central bank raised its benchmark interest rate for a fifth straight meeting to curb inflation, joining Indonesia in tightening monetary policy yesterday.

Bangko Sentral ng Pilipinas increased the overnight reverse repurchase rate by 25 basis points to 4.75%, the highest since 2009, it said in a statement in Manila. Rates have been raised 175 basis points since May, among the most aggressive tightening action in Asia.

“The Monetary Board believes that prospects for the domestic economy remain generally favorable and allow some scope for a measured adjustment in the policy rate to rein in inflation expectations and preempt further second-round effects,” the central bank said. — Bloomberg

Source: https://www.thestar.com.my/business/business-news/2018/11/16/fifth-rate-hike-by-philippines/#Zg2qHJoIuxmvMBbf.99