Philippine Central Bank Hikes Rates By 25 Bps

(RTTNews) - The Philippine central bank raised its key interest rates by 25 basis points for the third consecutive meeting on Thursday, citing risks to inflation.

The Monetary Board of the Bangko Sentral ng Pilipinas decided to hike the reverse repurchase rate by 25 basis points to 5.00 percent.

The decision came in line with expectations.

Previously, the bank had raised the key interest rates by 25 basis points each in April and June.

Official data showed that consumer price inflation continued to remain elevated in July. Headline inflation came in at 6.2 percent but down from 6.4 percent in June.