The Bangko Sentral ng Pilipinas on Thursday kept the overnight borrowing rate steady at 6.25 percent amid the continued slowdown
It also retained the overnight deposit and lending facilities at 5.75 percent and 6.75 percent, respectively.
“Given these considerations, the Monetary Board deemed it appropriate to maintain monetary policy settings to allow a moderation of inflation even as authorities continue to assess the emerging risks to the inflation outlook,” he said. Remolona said the latest baseline projections continued to show a return to inflation target in the fourth quarter despite a generally higher path for inflation relative to the previous forecast from the monetary policy meeting in June, reflecting mainly the impact of higher international oil prices.
Meanwhile, a weaker-than-expected global economic recovery remains the primary downside risk to the inflation outlook.
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