KONTAN.CO.ID - MANILA. The Philippine central bank on Thursday raised its benchmark interest rate by 25 basis points in an off-cycle move.

That brings the target reverse repurchase rate to 6.50%, Bangko Sentral ng Pilipinas Governor Eli Remolona said in a press briefing.

Remolona said there was an "urgent" need to take monetary action to temper inflation.

Baca Juga: Asian Stocks Slump to 11-mth Lows as Higher-for-Longer Rate Fears Persist

Earlier this month, the central bank had said it was ready to resume monetary tightening amid rising food and transportation prices that was keeping inflation above its target range of 2%-4%.

In September, data from the Philippine Statistics Authority showed a double-digit gain in the price of rice drove inflation to 6.1% compared to a year ago, the highest in four months.

Editor: Yudho Winarto