BSP raises policy rate to 5%; peso sinks to new low

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) delivered another quarter-point interest rate on Thursday, extending its battle against inflation in hopes that the anemic economy could regain momentum later this year. The Monetary Board, the top policymaking body of the central bank, raised the key rate guiding bank lending cost to 5 percent, the