MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) extended its tightening cycle on Thursday after hiking the benchmark interest rate by another quarter point, saying inflationary pressures amid the oil crisis remain strong.
The Monetary Board, the BSP’s top policymaking body, lifted the policy rate guiding bank lending costs to 4.75 percent.
This is the BSP’s second rate hike this year, matching the expectations of all 15 economists polled by the Inquirer last week.
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Of the 15, 12 of the economists correctly predicted the quarter-point hike.FEATURED STORIES
