MANILA, Nov. 15 (Xinhua) -- Citing "upside risks" to the inflation outlook, the Philippine central bank decided on Thursday to raise interest rates for the fifth straight policy meeting amid an elevated inflation expectations.

Bangko Sentral ng Pilipina (BSP) officer-in-charge Maria Almasara Cyd Tuano-Amador said the Monetary Board decided to raise the interest rate on the BSP's overnight reverse repurchase (RRP) facility by 25 basis points to 4.75 percent, effective on Nov. 16, 2018.

The interest rates on the overnight lending and deposit facilities were raised accordingly, Amador added.

"While the latest forecasts show inflation settling within the target band of 3.0 percent plus or mimus 1.0 percentage point in both 2019 and 2020, after considering the impact of non-monetary measures, the Monetary Board decided to raise the policy rate by 25 basis points given the upside risks to the inflation outlook and given that inflation expectations have remained elevated as supply-side and possible wage pressures continue to drive price developments," Amador told a press briefing.

At the same time, she said the Monetary Board believes that prospects for the domestic economy remain generally favorable and allow some scope for a measured adjustment in the policy rate to rein in inflation expectations and preempt further second-round effects.

Amador said that the Monetary Board continues to emphasize the need for follow-through non-monetary measures to mitigate the impact of supply-side factors on inflation.