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Philippine central bank keeps rates unchanged

The Philippine central bank maintained its interest rates while slightly raising inflation forecasts because of pressure from rising global oil prices.

The Bangko Sentral ng Pilipinas maintained the overnight reverse repurchase rate at 3% and the corresponding interest rates on the overnight lending and deposit facilities. The reserve requirement ratios were also left unchanged.

Inflation is expected to hit 3.2% in 2017 and 2018, respectively, up from prior estimates of 3.1% and 3%, respectively, Bloomberg News reported.

However, the future inflation path continues to be within the target for 2017 to 2019. The inflation targets have been set at 3%, plus or minus 1 percentage point.

The central bank said the outlook for domestic economic activity remains firm, supported by consumer and business sentiment and ample liquidity.