THE Bangko Sentral ng Pilipinas (BSP) shocked the financial market on Thursday by announcing an aggressive 75-basis-point (bp) off-cycle interest rate hike in a bid to contain rising consumer prices.

The Monetary Board, which sets policy, increased the overnight borrowing, deposit and lending rates of the central bank to 3.25 percent, 2.75 percent and 3.75 percent, respectively, effective June 24, 2022.

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