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It is the fifth straight hike in borrowing costs this year, bringing interest rate to the highest since The decision was primarily driven by intensifying inflationary pressures, especially after higher wages and transport costs were approved recently.
Also, the BSP increased its inflation forecasts for to 5.
Forinflation is seen at 3. The interest rates on the overnight lending and deposit facilities were likewise lifted accordingly. In Octoberthe inflation stood at 6. At the same time, the Monetary Board believes that prospects for the domestic economy remain generally favorable and allow some scope for a measured adjustment in the policy rate to rein in inflation expectations and preempt further second-round effects.
The Monetary Board deemed it necessary to respond with proactive policy action to help temper the risks to the inflation outlook, including those emanating from the continued uncertainty in the external environment amid tighter global financial conditions and trade tensions among major economies.
Nevertheless, the Monetary Board continues to emphasize the need for follow-through non-monetary measures to mitigate the impact of supply-side factors on inflation.
The BSP remains prepared to take appropriate policy actions as needed to ensure the achievement of its price and financial stability objectives.
It was the fourth straight hike in borrowing costs and the second consecutive 50 bps rate increase in a decade, as the central bank tries to contain inflationary pressures and support the falling currency.
The interest rates on the overnight lending and deposit facilities were likewise raised accordingly. It follows two consecutive 25bps hikes earlier this year, saying inflation expectations remain elevated for and upside risks continue to dominate.
The corresponding interest rates on the overnight lending and deposit facilities were also raised accordingly. Published on Philippines Raises Interest Rate to 3.
It follows a similar 25bps hike in the previous meeting, saying inflation expectations remain elevated for and upside risks continue to dominate.
It is the first rate hike since Septemberas the central bank tries to contain inflationary pressures.Learn about working at Bank of the Philippine Islands (BPI). Join LinkedIn today for free. See who you know at Bank of the Philippine Islands (BPI), leverage your professional network, and get hired.
About us. Founded in , Bank of the Philippine Islands is the first bank in the Philippines and in the Southeast Asian region. BPI is a universal bank and together with its subsidiaries and. The Union Bank of the Philippines, Inc.
more commonly known as UnionBank, is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange kaja-net.com is one of the most stable Philippine banks and is the host bank of the E-Card accounts of the .
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