The Bangko Sentral ng Pilipinas is expected to keep the country's benchmark interest rate at its current level of 6.25 percent, an analyst said on Thursday.

First Metro Investment Corp Head of Research Cristina Ulang told ANC that BSP. Gov. Eli Remolona "seems comfortable" with the slight peso depreciation.

The peso closed at P56.515 on Aug. 16, after hitting a high of P56.91 intraday.

"Of course, the consensus is that there will be no hike, there's going to be an extended pause and I think earlier messaging from the BSP Gov. He was citing the currency as stable," Ulang said.

"He seems to be comfortable with the mild volatility in the currency and therefore no need to be alarmist in terms of key rate, hiking it again, it seems," she added.

The BSP is also likely to focus on the lower-than-anticipated second-quarter economic growth of 4.3 percent, Ulang said.

"I think growth will be at the forefront of the many considerations of the BSP, considering that inflation is already downtrend," she said.

The BSP will hold its monetary policy-setting meeting on Aug. 17.

• Peso depreciation 'smaller' compared to neighbors: BSP Gov