A security guard stands beside a logo of the Bangko Sentral ng Pilipinas posted at the main gate in Manila, Philippines April 28, 2016. REUTERS/Romeo Ranoco/File Photo
Bank governor Felipe Medalla, who was appointed recently by President Ferdinand Marcos Jr, said the monetary board had agreed to raise its key rate by 75 basis points to 3.25 percent, effective immediately. “By taking urgent action, the monetary board aims to anchor inflation expectations further and temper mounting risks to the inflation outlook,” Medalla said.
The central bank, which had been due to review its monetary policy in August, has now raised rates by 125 basis points since May.
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