The Philippines' central bank raised its key interest rate in a surprise move on Thursday to curtail broadening inflationary pressures, as policymakers assessed that the strong rebound in the domestic economy this year can tolerate further tightening of monetary policy.
The Monetary Board, led by Governor Felipe Medalla, decided to raise its benchmark overnight reverse repurchase facility rate by 75 basis points to 3.25 percent, the Bangko Sentral Ng Pilipinas said.
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