Philippine central bank raises rates for second time to tame inflation

Quick Summary

MANILA :The Philippine central bank raised its benchmark rate for a second time in a row on Thursday to curb red-hot inflation, but opted for a modest 25-basis-point increase, fearing that more aggressive tightening could compromise growth.

The central bank's decision was correctly predicted by 16 of 22 economists surveyed by Reuters.

The narrowing gap between Philippines and U.S.interest rates has weighed on the peso, which slipped on Thursday ahead of the BSP policy briefing, suffering losses for the seventh session in row.

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Article Details

Category: Business

Topics: Growth Rate Bank Central Inflation Increase Reuters Cent Rates Mediacorp Economists

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 15:09:08

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Reading Time: 3 minutes read

Article Length: 451 words

Coverage Area: Singapore

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News ID: 5592

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