Philippine central bank speeds up monetary tightening

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The Central Bank of the Philippines

The Philippines’ central bank raised its key policy rate by 75 basis points today (November 17) in an acceleration of its monetary tightening cycle.

The seven-member monetary board of the Central Bank of the Philippines (BSP) raised the overnight reverse repurchase facility rate 4.25% to 5%, the highest in nearly 14 years. The BSP’s latest hike came after year-on-year inflation surged to 7.7% in October. Inflation is now also at its highest in 14 years, and well above the central bank’s

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