Philippine central bank to continue supporting economic recovery despite rate hikes

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Published: Aug 2, 2022, 05:37 GMT+00:00

MANILA (Reuters) - The Philippine central bank will continue supporting the economy's recovery despite a planned 25 or 50 basis point rate hike this month, its governor said on Tuesday.

Economic briefing following Philippine President Ferdinand Marcos Jr's first State of the Nation Address

MANILA (Reuters) – The Philippine central bank will continue supporting the economy’s recovery despite a planned 25 or 50 basis point rate hike this month, its governor said on Tuesday.

Current policy rates remain accommodative, Bangko Sentral ng Pilipinas Governor Felipe Medalla told a business forum.

Policymakers will meet on August 18 to adjust its reverse repurchase facility rate that is currently at 3.25%.

(Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor)

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