Philippines Leaves Key Rates Untouched

Key interest rates have been left unchanged in the Philippines but the central bank warns of inflation risks due to higher global food and fuel prices, says an AFP report published by ChannelNews Asia.

 

The overnight borrowing and lending rates were left untouched at 4% and 6% respectively, the rates since July 2009.

 

"At the same time, the (Monetary) Board noted that possible inflation pressures could come from generally higher food and oil prices," says the bank in a statement obtained by AFP.

 

Average inflation is likely to be around 4.5% this year. In 2009 it was recorded at 3.2%.

 


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