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Manila is lining up with US war plans against China hoping to gain access to resources in the South China Sea while also seeking to direct domestic social tensions outwards.
The Monetary Board of the Bangko Sentral ng Pilipinas has decided to raise its policy rate by 25 basis points effective Friday, Oct. 27, 2023, in a bid to tame inflation. The interest rate for loans is now at 6.5 percent. This is typically done in response to unexpected economic developments or crises to address issues like inflation, currency stability, or financial market disruptions.