Economics
Philippines Delivers Fifth Rate Hike to Curb Inflation
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The Philippine central bank raised its benchmark interest rate for a fifth straight meeting to curb inflation, joining Indonesia in tightening monetary policy on Thursday.
Bangko Sentral ng Pilipinas increased the overnight reverse repurchase rate by 25 basis points to 4.75 percent, the highest since 2009, it said in a statement in Manila. Rates have been raised 175 basis points since May, among the most aggressive tightening action in Asia.