(RTTNews) - Thursday witnessed the release of key statistical data from some Asian countries.

Giving more focus to the above-target inflation than the slowing economic growth, the Philippine central bank raised its interest rates by 25 basis points in a widely expected move. The Bangko Sentral ng Pilipinas Monetary Board increased its overnight borrowing or reverse repurchase rate to 6%. The central bank also raised the overnight lending or repurchase rate to 8%. The central bank raised its rates for the third month in a row. In July, the central bank had hiked rates by 50 basis points followed by 25 basis points increase in June.

Separately, the central bank revealed the results of its Business Expectations Survey, which showed that the business outlook in the Philippines turned bearish in the third quarter of 2008. The overall confidence index recorded its first negative reading of minus 12.9 since the third quarter of 2005.

Earlier in the day, the National Statistical Coordination Board reported that the Philippines economic growth slowed to 4.6% in the second quarter from 5.2% recorded in the first quarter.

In Hong Kong, the Census and Statistics Department announced that total export value increased 11.1% year-over-year to reach HK$265.1 billion in July. Economists were looking for an increase of 5.5%. Exports rebounded from a 0.6% fall recorded in June. Meanwhile, the value of imports increased 15.4% on an annual basis in July, bettering the 1.3% rise recorded in June. The consensus forecast was for an increase of 8.3%. Hong Kong recorded a visible trade deficit of HK$19.5 billion in July, which was equivalent to 6.8% of the value of imports of goods. In June, the deficit was HK$23.97 billion.

India’s inflation, based on the wholesale price index falls to 12.40% during the week ended August 16 due to decrease in prices of fuel, power, light and lubricants, the Ministry of Commerce Industry said. Inflation fell from 12.63% recorded during the week ended August 9. Economists had expected the wholesale price index to grow 12.82% for the week under review.

In other news, foreigners were net sellers of Japan stocks last week, for the fourth time in five weeks. Japan’s Finance Ministry reported that foreign residents sold a net 214.5 billion yen worth of Japan stocks for the week ending August 23.

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