Shares tumble as PH sticks it out with rate hike plans

The benchmark Philippine Stock Exchange Index (PSEi) extended losses on Friday after the Bangko Sentral ng Pilipinas (BSP) signaled that more interest rate increases were on the way after raising its inflation forecast for 2023. The PSEi fell 1.07 percent, or 70.30 points, to 6,496.50 while the broader All Shares index dropped 0.9 percent, or 30.76 points, to 3,400.13. BSP Governor Felipe Medalla said in an interview with Bloomberg TV they may continue to raise interest rates in the next few months after Thursday's 50-basis point hike. The BSP said inflation would remain elevated through next year as it increased the full-year forecast to 4.5 percent from 4.3 percent. PSE sub...

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