BSP keeps interest rates steady


Posted at Sep 13 2012 04:37 PM | Updated as of Sep 14 2012 12:37 AM

MANILA - The Philippine central bank left its benchmark interest rate unchanged at a record low of 3.75 percent, in line with expectations it will hold fire before it cuts rates at least one more time by the end of the year. 

The central bank is seen lowering its key rate by 25 basis points in the last three months of the year, with economists expecting the domestic economy to lose momentum further as the global slump weakens demand for the country's exports. 

The policy-making Monetary Board holds a rate-setting meeting every six weeks.