Philippines Raises Rate Half-Point

ManilaInflation hit 7.2% in September against a 2-4% target.

The Philippines raised its benchmark rate 50 basis points to 5.50%, a fourth straight increase.

The peso closed at a record P63.361 per dollar Wednesday, making imported fuel, food and raw materials dearer.

Growth had already slowed to 2.3% in the second quarter.

Bank of the Philippine Islands economist Emilio Neri Jr. expects 25 more basis points when the board meets 17 December.

How each outlet framed it

Rappler: ties the hike to the peso's record low of P63.361 and to core inflation at a three-year high of 4.7%, the fourth hike this year
Bloomberg Business leans critical