Philippine central bank will continue to support economic recovery despite rate hikes By Reuters

©Reuters. Philippine Central Bank Governor Felipe Medalla attends an economic briefing following President Ferdinand Marcos Jr.’s first State of the Union address in Pasay City, Metro Manila, the Philippines, July 26, 2022. REUTERS/Lisa Marie David

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

Current interest rates remain accommodative, Central Bank of the Philippines Governor Felipe Medalla told a business forum.

Policymakers will meet on August 18 to adjust the reverse repurchase rate, which currently stands at 3.25%.