TO combat rising consumer prices, the Bangko Sentral ng Pilipinas (BSP) began adjusting its monetary policy settings on Thursday as predicted, by lifting its key policy rates for the first time in three years.

The policy-making Monetary Board increased the central bank's overnight borrowing, lending and deposit rates by 25 basis points (bps) to 2.25 percent, 1.75 percent and 2.75 percent, respectively, effective today, May 20, 2022.

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