MANILA — The Bangko Sentral ng Pilipinas (BSP) raised its benchmark interest rates by half a percentage point on Thursday, as expected, the fourth rate hike this year aimed at cooling inflation.
The BSP lifted the overnight reverse repurchase facility rate PHCBIR=ECI to 3.75%, as predicted by most economists in an Aug. 8-15 Reuters poll.
The rates on the overnight deposit and lending facilities were raised by 50 basis points to 3.25% and 4.25%, respectively.
Philippine inflation, which hit a near four-year high of 6.4% last month, averaged 4.7% in January to July, above the BSP’s 2%-4% target band for the year.
— Reporting by Neil Jerome Morales, Karen Lema and Enrico Dela Cruz; Editing by Himani Sarkar
