MANILA, April 24 (Xinhua) -- The Philippine central bank on Thursday decided to raise its target reverse repurchase (RRP) rate by 25 basis points to 4.5 percent, and to adjust the interest rates on the overnight deposit and lending facilities to 4 percent and 5 percent, respectively.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the inflation outlook has deteriorated amid the ongoing conflict in the Middle East.
"Higher global oil and fertilizer prices have begun feeding through to domestic fuel and food prices," said the BSP, adding that core inflation has continued to rise, pointing to a broadening of underlying price pressures.
"The BSP stands ready to take all necessary monetary actions to ensure that inflation returns to the 3-percent target, consistent with its primary mandate of maintaining price stability," the BSP added. ■
