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Economy

Philippines lifts rates 75 basis points in unscheduled move

New governor seeks 'to help manage spillovers from other countries'

A logo of the Bangko Sentral ng Pilipinas is seen at its main building in Manila. (Photo by Ken Kobayashi)

MANILA -- The Philippine central bank on Thursday raised its key interest rate by 75 basis points to 3.25%, in a surprise off-cycle move that came a day after U.S. inflation data raised expectations of more aggressive Federal Reserve tightening.

"In raising the policy interest rate anew, the Monetary Board recognized that a significant further tightening of monetary policy was warranted by signs of sustained and broadening price pressures amid the ongoing normalization of monetary policy settings," new central bank Gov. Felipe Medalla said in a statement.

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