The Philippine central bank delivered an outsized interest-rate hike and signaled readiness to tighten further to rein in resurgent inflation and support a peso that’s sunk to a record low.

Ayala Corp. plans to use proceeds from Mitsubishi Corp.’s $700 million investment to cut debt, buy undervalued shares and fund growth to lift investor returns, its president said.

Electronic payment providers need to be more diligent in vetting companies that use their platforms in order to protect people from fraud, the Philippine central bank said.

Philippine jobless rate climbed to the highest in four years as fresh graduates sought work in an economy that slowed due to a corruption scandal and the global oil shock.

Philippine banks have set aside the most funds for potential loan losses since at least 2008, bracing for defaults as the Middle East conflict weighs on an already weak economy.

The Philippine Senate impeachment court will subpoena the bank and tax records of Vice President Sara Duterte as her opponents seek to oust the nation’s second-highest official on allegations that include corruption and unexplained wealth.