Philippines holds rate as BSP awaits new Duterte initiatives

Manila, Singapore: The Philippines left its benchmark interest rate unchanged, signalling the central bank will await upcoming initiatives by new President Rodrigo Duterte before changing policy. Bangko Sentral ng Pilipinas said Thursday it’s keeping the overnight borrowing rate at 3 per cent, as predicted by all 17 economists surveyed by Bloomberg. The bank last lowered the rate in May and narrowed the band around it to make monetary policy more effective. Overall inflation risks are broadly balanced, Governor Amando Tetangco said at a briefing.