BSP hikes rates by 25 basis points, as expected

June 23, 2022 - 3:12 PM
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BSP building
Facade of the Bangko Sentral ng Pilipinas in Manila. (BSP/Released)

 The Philippine central bank raised its benchmark interest rate by 25 basis points for a second consecutive policy meeting on Thursday to curb red-hot inflation.

The Bangko Sentral ng Pilipinas (BSP) lifted the overnight reverse repurchase facility rate PHCBIR=ECI to 2.50%, as expected by most economists in a June 13-20 Reuters poll.

—Reporting by Neil Jerome Morales, Karen Lema and Enrico Dela Cruz; Editing by Martin Petty