MANILA: The Philippine central bank raised its key interest rate by 50 basis points to 5.50% on Thursday, its fourth consecutive increase and larger than the market expected.
All 27 economists in a Reuters poll expected the Bangko Sentral ng Pilipinas to hike its benchmark rate by a quarter of a percentage point.
The Bangko Sentral ng Pilipinas said its action would make monetary policy appropriately restrictive
It said it is ready to take further monetary policy action when necessary
All 27 economists in a Reuters poll expected the central bank to raise its benchmark rate by 25 basis points, bringing cumulative tightening since April to 100 basis points
Annual inflation accelerated to 7.2% in September from August's 6.1% due to increases in the prices of rice, electricity, fuel and transport
The economy grew 2.3% in the second quarter from a year earlier, its weakest pace since 2021, due to a slump in construction and softer domestic demand
The Philippine peso strengthened to 63.311 per US dollar after the interest rate hike
The central bank next meets on December 17 to review policy