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BSP raises interest rate to 6.5% off-cycle to address rising prices

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The policy-making Monetary Board has raised the interest rate by 25 basis points to 6.5% effective Oct. 27, earlier than expected, in a bid to slow down the rate of price increase of goods and services.

Meanwhile, interest rates on overnight deposit and lending facilities were also bumped up to 6.0% and 7.0%, respectively, from the previous 5.75% and 6.75%.

“The Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations,” Remolona said Thursday. “Before today's monetary policy action, the staff risk-adjusted forecast for 2024 was 4.7 percent . This is well above the government’s target range,” he added.

 

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