Philippine Central Bank Hikes Key Rates By 50 Bps

RTTNews | 3 hari yang lalu

(RTTNews) - The Philippine central bank lifted its key interest rates by a larger-than-expected 50 basis points on Thursday to curb second-round effects and to anchor inflation expectations.

The Monetary Board of the Bangko Sentral ng Pilipinas decided to raise the reverse repurchase rate by 50 basis points to 5.50 percent. Markets were expecting a quarter-point hike.

The interest rates on the overnight deposit and lending facilities were adjusted to 5.00 percent and 6.00 percent, respectively.

Previously, the bank had raised the key interest rates by 25 basis points each in April, June and August.

The board observed the need for a strong monetary policy response to broadening price pressures and further upside risks to inflation.

"Such a decisive response will make monetary policy appropriately restrictive," the bank said in a statement. Today's action is expected to contain second-round effects and firmly anchor inflation expectations.

The central bank expects inflation to accelerate further in the coming months. Average headline inflation is forecast to remain high next year and approach 3.0-percent target in 2028.

Policymakers said upside risks to inflation have materialized with the recent increase in transportation fares. El Niño conditions also continue to pose a risk to agricultural production and prices.

At the same time, domestic economic activity is expected to recover, supported by fiscal measures.

Tag: PHP

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