BSP sees no need to raise rates soon

Reuters

Posted at Dec 16 2010 07:23 PM | Updated as of Dec 17 2010 03:23 AM

MANILA, Philippines - The Bangko Sentral ng Pilipinas can keep interest rates at a record low for some time, with inflation expected to remain manageable in the near term, Governor Amando Tetangco said on Thursday.

"No urgency," Tetangco told reporters when asked whether the policy rate should be raised soon.

The central bank will meet for the last time this year on Dec. 30 to review policy, and analysts in a Reuters poll last month expected policy makers to keep the benchmark overnight borrowing rate at a record low of 4%.

The Philippines is one of the few Asian countries not to have raised interest rates since the global financial crisis.