BSP to hike rates by 50 bps as inflation surges

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The Bangko Sentral ng Pilipinas (BSP) said it is preparing to hike interest rates by 50 basis points as inflation in the country continues to surge.

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This was announced by BSP Governor Nestor Espenilla during a forum in Makati City on Thursday.

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Espenilla said the central bank is closely monitoring the inflation situation and is ready to take action to ensure that it remains within the target range.

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He added that the BSP will also continue to monitor the impact of the tax reform law on prices.

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The Philippines' inflation rate hit a nine-year high of 6.7 percent in August, driven by higher prices of food, housing, and transportation.

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The central bank had raised interest rates by 25 basis points in both May and June, bringing the total increase to 50 basis points this year.

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Espenilla said the BSP is confident that it can contain inflation within its target range of 2-4 percent.

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The central bank is scheduled to announce its monetary policy decision on September 27. (Reuters) 

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The government has set a target inflation range of 2 to 4 percent for this year and next.

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