MANILA: The Philippine central bank raised its key interest rate by 50 basis points to 5.50% on Thursday, its fourth consecutive increase and larger than the market expected.All 27 economists in a Reuters poll expected the Bangko Sentral ng Pilipinas to hike its benchmark rate by a quarter of a percentage point.The Bangko Sentral ng Pilipinas said its action would make monetary policy appropriately restrictiveIt said it is ready to take further monetary policy action when necessaryAll 27 economists in a Reuters poll expected the central bank to raise its benchmark rate by 25 basis points, bringing cumulative tightening since April to 100 basis pointsAnnual inflation accelerated to 7.2% in September from August's 6.1% due to increases in the prices of rice, electricity, fuel and transportThe economy grew 2.3% in the second quarter from a year earlier, its weakest pace since 2021, due to a slump in construction and softer domestic demandThe Philippine peso strengthened to 63.311 per US dollar after the interest rate hikeThe central bank next meets on December 17 to review policy
