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The Philippines Raises Key Interest Rate to 4.75% to Counter Persistent Inflation

Bloomberg ·
The Philippines Raises Key Interest Rate to 4.75% to Counter Persistent Inflation
  • The Bangko Sentral ng Pilipinas (BSP) raised its target reverse repurchase rate by 25 basis points to 4.75%.
  • Governor Eli Remolona indicated that an additional rate hike could occur in August due to sustained inflationary pressures.
  • The rate hike was anticipated by the majority of economists surveyed, though a minority had predicted a more aggressive 50-basis point move.

Quotes

“another increase is possible in August with inflationary pressures still strong despite an interim US-Iran peace deal.”— Eli Remolona, Governor of the Bangko Sentral ng Pilipinas

Sources