BSP hikes policy rate by 25 bps to 4.75%

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) extended its tightening cycle on Thursday after hiking the benchmark interest rate by another quarter point, saying inflationary pressures amid the oil crisis remain strong. The Monetary Board, the BSP’s top policymaking body, lifted the policy rate guiding bank lending costs to 4.75 percent. This is