Philippine central bank raises interest rates to curb inflation

MANILA, May 19, 2022 (AFP): The Philippine central bank raised interest rates Thursday for the first time in more than three years, in a bid to curb inflation as rising fuel prices and food shortages push up living costs.

Robust economic growth and jobs in the first quarter gave the monetary authority room to continue "rolling back its pandemic-induced interventions", said Benjamin Diokno, governor of the bank.