The Philippine central bank raised its policy rate 25bps to 5% on Thursday — the third consecutive hike — citing inflation running about twice its target. The move matched market expectations. Governor Eli Remolona told lawmakers the bank stands ready to act to meet its inflation mandate but cannot control oil-driven price pressures. Higher rates may lend some support to the peso, which has fallen nearly 5% YTD and is the worst-performing Asian EM currency this month, pushing up import costs.