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Asia Inflation Fight Spreads on Philippines, Malaysia Moves

The Philippines and Malaysia joined India and Vietnam in raising interest rates this week as nations in a region that led the global economic recovery intensified their fight against inflation.

Bangko Sentral ng Pilipinas yesterday increased the rate it pays lenders for overnight deposits to 4.5 percent from 4.25 percent in its second move this year, while Bank Negara Malaysia lifted the benchmark overnight policy rate for the first time in 2011, boosting it by a quarter point to 3 percent.