Philippines kicks off tightening cycle with first rate hike since 2018 and curb inflationary pressures

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MANILA, May 20 (Reuters): The Philippine central bank raised interest rates for the first time since 2018 on Thursday night (May 19), joining peers around world in a rush to stem intensifying inflationary pressures that could derail the country's economic recovery.

The central bank also said the strong economic rebound and labour market conditions in the first quarter provide scope "to continue rolling back its pandemic-induced interventions", signalling further tightening could be expected.