Philippine central bank makes surprise 75 bps hike in interest rates

MANILA, July 14 (Reuters) – The Philippine central bank on Thursday raised its benchmark interest rates by 75 basis points in a surprise off-cycle move, and signalled its readiness to take further policy action to contain broadening inflationary pressures, its governor said.

That brings the key overnight borrowing rate to 3.25% effective Thursday, Bangko Sentral ng Pilipinas Governor Felipe Medalla said in its announcement via Facebook.

(Reporting by Enrico Dela Cruz, Karen Lema and Neil Jerome Morales; Editing by Ed Davies)