Bangko Sentral Raises Key Rate to 4.75% as Inflation Overshoots Gov't Target

Bangko Sentral raises key rate to 4.75% as inflation overshoots gov't target

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Thursday, June 18, raised key interest rates to 4.75% as global oil and fertilizer prices remain elevated. This is the second consecutive policy meeting that the monetary authority hiked policy rates as the economy continues to grapple with elevated food and fuel costs due to the Middle East crisis. While inflation eased to 6.8% in May due to domestic fuel rollbacks, the latest figur…

BSP lifts interest rates anew as inflation pressures broaden

The Bangko Sentral ng Pilipinas (BSP) raised its benchmark interest rate for the second straight meeting, intensifying its battle against persistent inflationary pressures that threaten to breach the central bank’s target band.The Monetary Board increased the Target Reverse Repurchase Rate by 25 basis points to 4.75 percent, according to a BSP statement released on Thursday, June 18. Following the adjustment, interest rates for the overnight dep…