By Aaron Michael C. Sy, Reporter
THE PHILIPPINE central bank increased its benchmark interest rate for the first time in more than two years, while signaling that more “small” interest rate hikes could follow to safeguard spiraling prices due to the Iran war.
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) raised the target reverse repurchase rate by 25 basis points (bps) to 4.5% at its policy meeting on Thursday, effectively ending an easing cycle that cut the benchmark rate by 225 bps starting in August 2024.
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