The Bangko Sentral ng Pilipinas raised its policy rate by 50 basis points to 5.25%, a bigger move than markets expected. Policymakers cite rising inflation as their main concern.
The Bangko Sentral ng Pilipinas raised interest rates by 50 basis points to 5.25% on Thursday, exceeding market expectations of a 25 basis point increase.
All analysts polled by LSEG before the meeting expected a hike, but the size of the increase was larger than forecast. The central bank has now raised rates by a total of 125 basis points in the current tightening cycle.
Policymakers still see inflation as the primary concern. The headline rate jumped to 7.2% year-over-year in September from 6.1% in August, its highest level since April.
Source: Investing.com
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