BSP hikes rates again amid high inflation
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The Bangko Sentral ng Pilipinas on Wednesday raised interest rates for the second time in six weeks to help arrest rising prices of local goods and services that accelerated to a five-year high last month. The increase---which brings the central bank's keBSP hikes rates again amid high inflation
The Bangko Sentral ng Pilipinas on Wednesday raised interest rates for the second time in six weeks to help arrest rising prices of local goods and services that accelerated to a five-year high last month. The increase---which brings the central bank's key overnight rate to 3.5 percent---comes in the wake of the record high inflation rate for the first five months of the year, which authorities had originally said would normalize by 2019 without any monetary policy tightening. At the same time, BSP Governor Nestor Espenilla Jr. said regulators would not hesitate to tighten monetary policy further if its latest move proved to be insufficient in reining in upward price pressures. ...Keep on reading: BSP hikes rates again amid high inflation Read more