Philippine cenbank holds rates at record low to support pandemic-hit economy

A person processes a swab test at a Covid-19 test site set up in Quezon City, Metro Manila, the Philippines, on Tuesday, May 11, 2021. The Philippines’ economy is struggling to gain momentum as elevated numbers of Covid cases hamper reopening efforts and destroy jobs. - Bloomberg

MANILA: The Philippine central bank left its key interest rate steady at a record low on Wednesday, as policymakers focus on supporting an economy which is showing signs of recovering after shrinking last year and in the first quarter of 2021.

The Bangko Sentral ng Pilipinas (BSP) kept the rate on the overnight reverse repurchase facility at 2.0% for a fourth consecutive meeting, as predicted by all 13 economists in a Reuters poll.