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Philippine central bank holds rates amid within-target inflation outlook

Bangko Sentral ng Pilipinas kept its key interest rates unchanged amid a benign inflation environment.

The central bank maintained the rates on the overnight reverse repurchase facility at 4%, the overnight deposit facility at 3.5% and overnight lending facility at 4.5%.

The future inflation path remains within the central bank's target range of 3%, plus or minus 1 percentage point, in 2020-2021. The balance of inflation risks is skewed slightly upward for 2020 due to potential oil price volatility, the potential impact of the African swine fever outbreak and recent weather conditions that are likely to impact food prices.

However, global trade uncertainties could mitigate upward pressure on commodity prices, the central bank said.

For 2021, the balance of inflation risks is toward the downside.

Meanwhile, prospects for domestic economic growth remain robust on the back of strong domestic demand.