MANILA: The Philippine central bank raised its benchmark interest rates by half a percentage point on Thursday, as expected, the fourth rate hike this year aimed at cooling inflation.

The Bangko Sentral ng Pilipinas (BSP) lifted the overnight reverse repurchase facility rate to 3.75%, as predicted by most economists in an Aug. 8-15 Reuters poll.

The rates on the overnight deposit and lending facilities were raised by 50 basis points to 3.25% and 4.25%, respectively.

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Philippine inflation, which hit a near four-year high of 6.4% last month, averaged 4.7% in January to July, above the BSP’s 2%-4% target band for the year.