By By Kosaku Narioka
The Philippine central bank unexpectedly raised its benchmark interest rate in a bid to help contain inflation.
The Bangko Sentral ng Pilipinas on Thursday increased its benchmark overnight borrowing rate by 75 basis points to 3.25% and its corresponding lending rate by the same amount to 3.75%.
Gov. Felipe Medalla said significant tightening is needed due to signs of sustained, broadening price pressures.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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