Philippines Keeps Rate on Hold as Markets Brace for Turmoil
- All 17 economists surveyed by Bloomberg predicted decision
- Bank lowered rate last month as part of policy revamp
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The Philippines left its benchmark interest rate unchanged in its first meeting since revamping its policy framework, providing stability to investors in the face of possible market fallout if the U.K. votes to exit the European Union.
Bangko Sentral ng Pilipinas kept the overnight borrowing rate at 3 percent, it said in Manila on Thursday, as predicted by all 17 economists surveyed by Bloomberg. The bank lowered the rate last month and narrowed the band around it to make monetary policy more effective.