Philippine central bank makes surprise 75 bps hike in interest rates

2022.07.14 05:51

Budrigannews.com – The Philippine central bank on Thursday raised its benchmark interest rates by 75 basis points in a surprise off-cycle move, and signalled its readiness to take further policy action to contain broadening inflationary pressures, its governor said.

That brings the key overnight borrowing rate to 3.25% effective Thursday, Bangko Sentral ng Pilipinas Governor Felipe Medalla said in its announcement via Facebook (NASDAQ:META).