The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, on Thursday kept the benchmark interest rates steady, on manageable inflation and robust economic growth.
Bangko Sentral Governor Amando Tetangco Jr. said the interest rates were retained at 3 percent for overnight borrowing, 3.5 percent for overnight lending and 2.5 percent for overnight deposit. The reserve requirement ratios were also left unchanged.
“The board’s decision was based on its assessment of manageable inflation. Latest baseline forecasts continue to be within the target range of 2 percent to 4 percent for 2017 and 2018,” Tetangco said in a news briefing Thursday, his penultimate meeting before he retires on July 2 as Bangko Sentral governor and MB chairman.
The board maintained the average inflation forecast this year and next at 3.4 percent and 3 percent, respectively.