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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