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Philippines Central Bank Raises Policy Rate to Help Limit Inflation

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By Kosaku Narioka

The Philippine central bank unexpectedly raised its benchmark interest rate in a bid to help contain inflation.

The Bangko Sentral ng Pilipinas on Thursday increased its benchmark overnight borrowing rate by 75 basis points to 3.25% and its corresponding lending rate by the same amount to 3.75%.

Gov. Felipe Medalla said significant tightening is needed due to signs of sustained, broadening price pressures.

Write to Kosaku Narioka at [email protected]

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