Philippines central bank holds its overnight interest rate at 4%

By Richard Connell

New York, Oct. 1 - The Monetary Board of the Bangko ng Pilipinas left its overnight borrowing interest rate unchanged at 4% at its meeting on Thursday, according to a news release issued by the bank.

The board of the Philippines central bank noted that domestic economic activity has shown signs of recovery, although noting that some soft spots remain, including weak investment and labor market conditions.

The board went on to forecast that inflation would remain within the target range over the medium term.

While noting that the global economy seemed to be in a state of recovery, it warned that the pace of the recovery was likely to be slow.

The board decided to maintain the interest rate at 4% in order to help sustain economic growth in the current low inflation environment.

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