MANILA – The Bangko Sentral ng Pilipinas raised its benchmark borrowing rate by 50 basis points on Thursday, the fourth straight adjustment this year.
This brought the overnight borrowing rate to 4.5 percent. The Monetary Board hiked the benchmark by 50 basis points last Aug. 9, the highest increment in a decade.
Inflation hurtled to 6.4 percent in August, exceeding government and market forecasts as monsoon rains in the previous month hit farm output, adding to pressure from high oil prices in the world market.
Government economic managers said inflation was expected to taper off towards the end of the year and return to its 2 to 4 percent target range by 2019. (ABS-CBN News)
