Philippine central bank delivers off-cycle rate hike

Eli Remolona
Eli Remolona
Central Bank of the Philippines (BSP)

The Philippine central bank raised its benchmark interest rate by 25 basis points in an off-cycle meeting today (October 26). Governor Eli Remolona conceded that the central bank should have resumed monetary tightening at its September 21 meeting.

The Central Bank of the Philippines’ (BSP) six-member monetary board decided to increase its target reverse repurchase rate to 6.5%, effective October 27. It also raised overnight deposit and lending rates by the same amount, to 6% and 7% respectively

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