A street vendor gives Philippine peso currency change to a customer in Manila in 2012. (Photo: AFP)
Hanoi (VNA) - The central bank of the Philippines on July 14 announced a surprise interest rate hike - the increase for the third month in a row.
The bank also warned that there may be further rate hikes to curb the upward momentum of energy and food prices.
The move follows similar increases after central banks around the world raised interest rates as the Ukraine crisis and supply disruptions cause inflation and increase the financial strain on households and businesses.
Governor of the central bank Felipe Medalla said the monetary board of the bank had agreed to raise its key rate by 75 basis points to 3.25%, effective immediately.
Overnight deposit and lending facilities were increased by 2.75% and 3.75%, respectively.
Previously, the bank had kept its interest rates at a historic low since November 2020 to support the economy during the COVID-19 pandemic.
Medalla said a strong rebound in growth this year suggested the economy could withstand tighter monetary policy, adding that the bank was ready to "take further necessary actions" to curb inflation, he added./.
The Food and Drug Administration (FDA) of the Philippines has approved the use of Moderna’s COVID-19 vaccine for children aged six to 11 years old, according to the country’s Department of Health (DOH).
The Asian Development Bank (ADB) has approved up to 4.3 billion USD to help finance the construction of nearly 55 km of modern suburban railway line connecting Metro Manila with the city of Calamba in the Philippines.
There is no safeguard measure imposed by the Philippines on the importation of Linear Low-Density Polyethylene (LLDPE) Pellets and Granules from various countries, including Vietnam, the Vietnamese Ministry of Industry and Trade (MoIT) has announced.
The continuous increase in the number of new COVID-19 infections in the Philippines signals the start of a new wave, according to the country’s Department of Health (DoH).
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
A street vendor gives Philippine peso currency change to a customer in Manila in 2012. (Photo: AFP) 
