Philippines Holds Benchmark Rate as Inflation Forecasts Cut
- 19 of 21 economists forecast the move, 2 predicted an increase
- Central bank reduces inflation forecasts for 2017, 2018
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The Philippine central bank left its benchmark interest rate at a record low, while cutting inflation forecasts as oil prices retreated.
Bangko Sentral ng Pilipinas kept the overnight reverse repurchase rate at 3 percent, it said in Manila on Thursday, as predicted by 19 of 21 economists surveyed by Bloomberg. This is the first time in two years that economists weren’t unanimous in their forecasts, with two calling for an increase.