BSP to remain accommodative

Playing it safe: People seen inside a market in Quezon City. The Philippines central bank is expected to maintain interest rates as the country recovers from the effects of the pandemic. — Reuters

BENGALURU: The Philippines central bank will hold interest rates steady for more than a year as a sluggish economic recovery keeps a lid on underlying inflation, according to a Reuters poll that had a significant minority of economists expecting a hike by end-2022.

As economic growth is yet to return to pre-pandemic levels in the South-East Asian nation, respondents to a Nov 9-15 survey predicted the Bangko Sentral ng Pilipinas (BSP) would leave its benchmark rate at a record low of 2.0% at its meeting tomorrow and through the end of next year.