Philippine Central Bank Keeps Rate Unchanged Again

The Philippines' central bank left its key interest rate unchanged on Thursday for a second straight session, citing subdued inflation.

The Monetary Board of the Bangko Sentral ng Pilippinas, or BSP, decided to leave the overnight reverse repurchase facility rate unchanged at 4.00 percent. The move was in line with economists' expectations.

The Monetary Board's decision was based on its "assessment of a benign inflation environment", the bank said.

In November, the bank had left the rate unchanged. Prior to that, the rate was lowered by a quarter-basis point each in both August and September.

In May, the bank had lowered the rate by a quarter-basis point, which was the first reduction since 2016.

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