the philippine central bank raised its benchmark interest rate for the first time in threeandahalf years to help contain elevated inflation as the economy starts to move past a slump caused by the coronavirus pandemic the bangko sentral ng pilipinas on thursday increased its benchmark overnight borrowing rate by 25 basis points to 225 and its corresponding lending rate by the same amount to 275 the central bank raised its policy rate for the first time since november 2018 and joined other central banks to rein in elevated inflation caused in part by the russiaukraine war and reverse years of easing aimed at supporting the economy which has been hit by the pandemic earlier this month the reserve bank of australia raised its policy rate for the first time in more than a decade and indias central bank also unexpectedly raised its policy rate five of seven economists surveyed by the wall street journal had expected the philippine central bank to raise its policy rate thursday while the other two projected an increase in june and no change this month the countrys consumer price index in april rose 49 from a year earlier above the central banks inflation target range of 24 following a 40 rise in march government data showed last week that firstquarter gross domestic product increased 83 from a year earlier following a 78 expansion in the octoberdecember period firstquarter gdp surpassed levels seen prior to the pandemic