MANILA/JAKARTA -- The Philippines' central bank on Thursday lifted its key interest rate by 50 basis points after inflation hit a fresh 14-year high, while Indonesia kept its benchmark unchanged for the first time in half a year.
In its first policy meeting of 2023, the Philippine central bank raised the benchmark rate to 6%, sustaining a tightening cycle that started last year, when the rate was hiked by a total of 3.5 percentage points. The key rate is now at its highest since August 2008.
