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Economy

Philippines makes largest rate hike in decade

Central bank zeroes in on taming inflation amid economic slowdown

BSP
Philippine consumer prices have breached the 2% to 4% inflation target, spurring the Bangko Sentral ng Pilipinas to take further action.   © Reuters

MANILA -- The Philippines' central bank on Thursday hiked rates by 50 basis points for the first time in a decade, sending a strong signal that inflation remains its top concern despite a slowdown in economic growth in the second quarter.

The Bangko Sentral ng Pilipinas increased the benchmark rate by 50 basis points to 4.0%. Cumulatively, the BSP has hiked its policy rate by 100 basis points since May, after holding steady for nearly four years.

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