Daily Star logoBusiness
Bacolod City, PhilippinesFriday, March 25, 2011
Front Page
Negros Oriental
Star Business
Police Beat
Star Life
People & Events
Classified Ads
BSP hikes rates to
offset inflation

The Philippine central bank yesterday raised interest rates for the first time in almost two years as it battles to keep inflation in check.

Overnight rates, which have been kept at record-lows since July 2009, were raised 25 basis points to 4.25 percent for borrowing and 6.25 percent for lending.

The bank's policy-making Monetary Board decided at yesterday’s meeting that the hikes were needed to keep within this year's inflation target of 3.0-5.0 percent, governor Amando Tetangco told reporters, according to Dow Jones Newswires.

Prices surged 4.3 percent in February from 3.5 percent in January, previous government data show, while inflation averaged 3.8 percent last year.*AFP



back to top

ButtonPAL employees to stage strike
ButtonNFA assures: No hike in rice prices
ButtonBSP hikes rates to offset inflation

ButtonPower interruptions slated tomorrow