Philippines Central Bank Raises Benchmark Rate by 25 Basis Points to 4.75%

On Thursday, the Bangko Sentral ng Pilipinas raised the target reverse repurchase rate by 25 basis points to 4.75%, marking the second consecutive rate hike as the central bank seeks to contain persistent inflation amid broader regional monetary tightening.

The Philippines joins other Asian central banks in tightening policy despite the U.S.-Iran interim peace agreement reopening the Strait of Hormuz. Japan's central bank raised its policy rate on Tuesday, with authorities signaling additional increases ahead, while Indonesia's central bank is expected to follow suit this week.