MANILA: The Philippine central bank raised its benchmark interest rate for a fifth straight meeting to curb inflation, joining Indonesia in tightening monetary policy yesterday.
Bangko Sentral ng Pilipinas increased the overnight reverse repurchase rate by 25 basis points to 4.75%, the highest since 2009, it said in a statement in Manila. Rates have been raised 175 basis points since May, among the most aggressive tightening action in Asia.
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