The Bangko Sentral ng Pilipinas increased the overnight borrowing rate by 25 basis points to 4.50% from 4.25% and the overnight lending rate to 6.50% from 6.25%. The Bank noted that its baseline inflation projections suggest that the 3-5% inflation target for 2011 is at risk. The Bank also said "International oil prices have remained elevated due to strong global demand as well as concerns about supply gaps. Global non-oil markets also continued to tighten,". The Philippines reported inflation of 4.5% in April, up from 4.3% in March.
www.CentralBankNews.info
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