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Al Jazeera
Al Jazeera
Business

Singapore, Philippines tighten monetary policy on inflation fears

Singapore Inflation Monetary Policy Philippines Philippine BSP New Zealand South Korea
FILE PHOTO: A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco/File Photo

Singapore and the Philippines’ central banks have unveiled a surprise tightening of monetary policy in the latest sign of heightened inflation concerns in the Asia Pacific.

Bangko Sentral ng Pilipinas (BSP) lifted its benchmark interest rate by 0.75 percentage point in an unscheduled rate hike on Thursday, as the central bank signalled it was ready to take further action to tackle rising inflation.

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