BSP to continue supporting economic recovery despite rate hikes

MANILA, Aug 2 (Reuters) – The Philippine central bank will continue supporting the economy’s recovery despite a planned 25 or 50 basis point rate hike this month, its governor said on Tuesday.

Current policy rates remain accommodative, Bangko Sentral ng Pilipinas Governor Felipe Medalla told a business forum.

Policymakers will meet on August 18 to adjust its reverse repurchase facility rate that is currently at 3.25%.

(Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor)