Philippine central bank keeps rate steady and is prepared for volatility

MANILA: The Philippine central bank has kept its benchmark interest rate steady, as expected, and said it was prepared to act to contain any market volatility that might stem from Britain’s vote on whether to exit the European Union.

The policy-making Monetary Board held the main rate at 3%, the level set by the central bank after it established an interest rate corridor (IRC) on June 3, on rosier prospects for growth this year as President-elect Rodrigo Duterte has pledged to ramp up infrastructure spending.