Philippines Central Bank Holds Interest Rates

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Philippines' central bank on Thursday kept its interest rates unchanged for a fifth straight rate setting session, with the Monetary Board retaining its view that the current monetary policy stance was appropriate.

The Bangko Sentral ng Pilipinas (BSP) maintained its overnight borrowing rate at 4.00% and its overnight lending rate at 6.00%, in line with expectations.

The central bank said in a statement that it expects the economy to grow at "a modest pace" and noted that with the inflation outlook being favorable, keeping policy rates steady would continue to support economic activity.

"Going forward, the BSP will continue to monitor closely all developments that could affect the assessment of risks to inflation over the policy horizon, including signs of a build-up in upward pressures on commodity prices," the bank said.

Philippines' central bank on Thursday kept its interest rates unchanged for a fifth straight rate setting session, with the Monetary Board retaining its view that the current monetary policy stance was appropriate. (Market News Provided by RTTNews)