• BSP holds rates; revises inflation forecasts

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    Philippine monetary authorities decided to keep key interest rates steady at Thursday’s board meeting, revising downward its inflation outlook for 2017.

    “The Monetary Board’s decision is based on its assessment that the outlook for inflation continues to be manageable,” Bangko Sentral ng Pilipines (BSP) Governor Amando Tetangco Jr. told reporters after the Monetary Board policy meeting on Thursday.

    The board lowered its inflation forecast for the year to 3.1 percent from the previous outlook of 3.4 percent. It kept the 3 percent forecast for 2018, and announced a 3 percent projection for 2019.

    Tetangco is set to retire on July 3, with BSP Deputy Governor Nestor Espenilla Jr. replacing him as governor on July 4.

    At Thursday’s policy meeting, the board also decided to keep the reverse repurchase (RRP) facility rate at 3 percent.

    The corresponding rates for overnight lending and deposit facilities also remained unchanged at 3.5 percent and 2.5 percent, respectively, along with the reserve requirement ratio (RRR), which stood steady at 20 percent.

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