MANILA, Nov 15 (Reuters) - The Philippine central bank raised its benchmark interest rate by 25 basis points (bps) on Thursday, its fifth hike this year, saying further policy tightening was needed to curb inflationary pressures.
The Monetary Board raised the rate on its overnight reverse repurchase facility by 25 bps to 4.75 percent, following four successive hikes since May, including back-to-back 50 bps increases in September and August.
The rates on the overnight lending and deposit facilities were also raised by 25 bps.
Seven of 13 analysts in a Reuters poll had correctly predicted Thursday’s policy decision. The other six had expected the central bank to stand pat as higher borrowing costs were starting to dampen economic growth. (Reporting by Karen Lema and Enrico dela Cruz; Editing by Martin Petty and Kim Coghill)