MANILA: The Philippines held its benchmark interest rate at a record low, joining nations from South Korea to Thailand in shielding growth as the global economy falters.
Bangko Sentral ng Pilipinas (BSP) kept the rate it pays lenders for overnight deposits at 3.5%, according to a statement in Manila, as forecast by all 18 economists surveyed by Bloomberg. It also held the rate on special deposit accounts at 2%, as predicted by 11 of 12 economists.
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