Key facts
- The Bangko Sentral ng Pilipinas raised its benchmark interest rate by 25 basis points.
- This marks the second consecutive meeting the central bank has increased its key interest rate.
- The rate hike aims to control inflation, primarily driven by high fuel prices.
The Bangko Sentral ng Pilipinas increased its main interest rate by 25 basis points on Thursday, continuing its monetary tightening to combat inflation. This marks the second consecutive meeting where the central bank has opted for a rate hike, signaling its commitment to a sustained battle against rising prices, which are primarily influenced by elevated fuel costs stemming from the Iran war.