MANILA - The Bangko Sentral ng Pilipinas (BSP) kept interest rates unchanged as expected, saying inflation remains well within the central bank's target range.

"At its meeting today, the Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase (RRP) facility at 3.0 percent," the BSP said in a statement.

"The corresponding interest rates on the overnight lending and deposit facilities were also kept steady. The reserve requirement ratios were likewise left unchanged."

The central bank said it saw no reason to hike rates, despite the uptick in inflation in the past few months.

"In addition, the Monetary Board has considered the potential impact on global financial market conditions of the ongoing monetary policy adjustment in the US, noting that maintaining monetary policy settings at this time would allow the BSP to continue to assess evolving economic developments and calibrate its policy tools as appropriate."

The BSP has not tinkered with interest rates since it raised the benchmark rate by 25 basis points in September 2014.