Philippine Central Bank Hikes Key Rate a Third Time as Inflation Runs Hot

The Philippine central bank has decided to increase its benchmark interest rate for the third consecutive meeting in an effort to curb inflation, which is currently running at double the targeted rate. This move comes despite the economy still lagging behind its Southeast Asian peers. By raising rates, the central bank aims to temper rising prices and stabilize the economy, although it risks further slowing growth. This decision underscores the ongoing challenges the country faces in balancing economic growth with controlling inflation.