Bangko Sentral ng Pilipinas Governor Felipe Medalla says the 'urgent action' was taken to 'temper mounting risks to the inflation outlook.'
MANILA, Philippines – The Philippine central bank hiked interest rates weeks ahead of its policy meeting, a day after the United States reported inflation reaching a four-decade high.
The overnight deposit facility and overnight lending facility were also increased to 2.75% and 3.75%, respectively., the highest since November 1981.IN CHARTS: This is how inflation ruined Filipinos’ budget in June 2022 He added that the “strong rebound” of the Philippine economy in 2022 suggests that it can accommodate higher interest rates.
The BSP determining interest rates is the heart of monetary policy. It is the central bank’s main tool for keeping prices in check or slowing down inflation.
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