Philippine central bank holds rates as expected as inflation eases

MANILA, May 20 (Reuters): The Philippines central bank kept its benchmark interest rate steady at 6.25% this week pausing its 10-month tightening cycle, with inflation on track to ease back towards its 2% to 4% target range for the year.

Only six out of 22 economists in a Reuters poll had predicted a 25 basis point (bps) hike, while the rest had expected the central bank to take a break after raising rates by a total of 425 bps since last May.