Philippines: Central bank makes surprise 75 point hike in interest rates

Manila: The Philippine central bank on Thursday raised its benchmark interest rates by 75 basis points in a surprise off-cycle move, and signalled its readiness to take further policy action to contain broadening inflationary pressures, its governor said.

That brings the key overnight borrowing rate to 3.25 per cent effective Thursday, Bangko Sentral ng Pilipinas Governor Felipe Medalla said in its announcement via Facebook.