Philippine C.Bank Hikes Benchmark Rate by 25 bps in Off-Cycle Move

FILIPINA - MANILA. The Philippine central bank on Thursday raised its benchmark interest rate by 25 basis points in an off-cycle move.

That brings the target reverse repurchase rate to 6.50%, Bangko Sentral ng Pilipinas Governor Eli Remolona said in a press briefing.

Remolona said there was an "urgent" need to take monetary action to temper inflation.

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Earlier this month, the central bank had said it was ready to resume monetary tightening amid rising food and transportation prices that was keeping inflation above its target range of 2%-4%.

In September, data from the Philippine Statistics Authority showed a double-digit gain in the price of rice drove inflation to 6.1% compared to a year ago, the highest in four months.