MANILA/JAKARTA -- The central banks of the Philippines and Indonesia both raised their benchmark interest rates on Thursday, as policymakers step up efforts to restrain high inflation.

The Philippines' latest hike, by 50 basis points or half a percentage point, brings the benchmark to 4.25%, the highest since August 2019. Bank Indonesia, meanwhile, hiked its policy rate for the second consecutive month, also by 50 basis points to 4.25%, surpassing most analysts' expectations.