The Bangko Sentral ng Pilipinas raised its target reverse repurchase rate by 50 basis points to 5.50% on October 22. Reuters reported that this was the fourth consecutive increase and larger than markets expected. The move tightens borrowing conditions as policymakers respond to rising price pressures and currency weakness.

Most economists surveyed before the meeting expected a 25-basis-point increase, while a smaller group anticipated 50 basis points. The decision does not itself show how long the tightening cycle will continue; the bank’s next guidance and inflation data will matter.

Sources: [Reuters — October 22 rate decision](marketscreener.com source ↗); [Bangko Sentral ng Pilipinas — official policy-rate statistics](bsp.gov.ph source ↗); [Philstar — economists’ pre-meeting forecasts](philstar.com source ↗).