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Philippine central bank slows rate hike to 25 basis points

Move comes amid stubbornly high inflation, global banking uncertainties

The Philippine central bank has yet to hit its target inflation range of 2% to 4%.   © Reuters

MANILA -- The Philippine central bank on Thursday dialed back the pace of key rate increases to 25 basis points, as policymakers continue to combat inflation amid uncertainties in the global banking sector.

"With core inflation rising in February despite a modest decline in headline inflation, further monetary policy action was deemed necessary to address broadening price impulses emanating from robust domestic demand and lingering supply-side constraints," central bank Gov. Felipe Medalla said in a news conference.

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