Bangko Sentral ng Pilipinas increased its policy rate by 25 basis points to 4.50% on 23 April 2026.
The hike was driven by rising inflation in March, taking precedence over concerns about economic growth.
Analysts were split, with 12 of 26 forecasting a rise and 14 expecting rates to stay unchanged.
The decision follows an off‑cycle meeting in late March where the BSP kept rates steady.