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Financial News: Philippine Central Bank Leaves Rate Unchanged

Philippine Central Bank Leaves Rate Unchanged

06/22/2017 - 05:45:00 (RTTNews)

(RTTNews) - The Philippines' central bank on Thursday decided to maintain its key interest rate at a record low.

The Monetary Board of the Bangko Sentral ng Pilipinas held the overnight reverse repurchase facility at 3.0 percent, in line with economists' expectations.

The rates on the overnight lending and deposit facilities and the reserve requirement ratios were also left unchanged.

The latest baseline forecast signals a lower path of future inflation with average inflation remaining within the target range of 2-4 percent for 2017-19.

The bank observed that the assessment of risks to the inflation outlook remains tilted toward the upside. Meanwhile, policymakers said prospects for the global economy have improved, but risks to external demand remain tilted to the downside.

Nonetheless, the Monetary Board emphasized that while global economic conditions remain challenging, prospects for domestic economic activity continue to be firm owing to buoyant consumer and business sentiment, ample liquidity, and sustained credit growth.

In the face of tightening of policy in the US, the BSP said maintaining the policy setting at this time would allow it to assess evolving economic developments and calibrate its policy tools as appropriate.

The board reiterated that the BSP will remain vigilant against any risks to the inflation outlook and will adjust its policy settings as needed to ensure that future inflation remains consistent with the medium-term target while being supportive of sustainable economic growth.

Alex Holmes, an economist at Capital Economics, expects the rate to stay on hold at 3.00 percent throughout this year.

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