Philippine central bank keeps rate steady

Manila

THE Philippine central bank held its benchmark interest rate steady on Thursday with the economy expected to remain in a sweet spot of strong growth and manageable inflation.

The policymaking Monetary Board voted to maintain the overnight borrowing rate at 3 per cent, as predicted by 10 economists in a Reuters poll. "While the global economic environment has become more challenging due to expected shifts in macroeconomic policies in advanced economies . . . domestic economic activity is expected to stay firm," central bank officer-in-charge Nestor Espenilla said.