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Philippines central bank rewarded for aggressive policy action

Soaring inflation slows amid aggressive rate hikes and easing oil prices

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The Central Bank of the Philippines has chosen to hold its policy rate steady for the first time since May after signs of a respite in its soaring inflation trend.

The central bank kept its policy interest rate at 4.75% in its monetary policy meeting today (December 13). It raised the rate in the previous five consecutive meetings, for a total of 175 basis points.

The county’s headline inflation rate had been increasing since late 2015, when it was in negative territory. In October this year

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