Philippines: Central Bank keeps interest rates unchanged at 4.50%
December 1, 2011
At its 1 December monetary policy meeting, the Central Bank left the benchmark interest rate unchanged at 4.50% for a fifth consecutive meeting. The decision was widely expected by market participants. Overall, the Central Bank has raised interest rates by a cumulative 50 basis points in 2011. The monetary authorities stated that ?the inflation outlook continues to be manageable? and inflation expectations are ?well-contained?. Moreover, the Central Bank's current ?wait-and-see? stance reflects deteriorating prospects for the domestic economy, especially amid lower external demand for Philippine products.