Philippines governor announces rate rise in two weeks’ time

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The Central Bank of the Philippines

The Central Bank of the Philippines plans to raise its benchmark rate by 75 basis points at its next policy meeting, governor Felipe Medalla said today (November 3).

If the BSP hiked by 75bp, it would mark a notch up from the central bank’s two consecutive 50bp rises announced at previous policy meetings. A 75bp raise would bring the overnight reverse repurchase facility rate from its current 4.25% to 5%.

Medalla made the announcement a day after the US Federal Reserve raised rates by 75bp

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