June 22, 2017 / 8:19 AM / 6 months ago

Philippine c.bank keeps policy rate steady, as expected

MANILA, June 22 (Reuters) - The Philippine central bank left its key overnight borrowing rate steady at 3.0 percent on Thursday, as expected, as inflation remains manageable despite robust economic growth.

All 12 economists in a Reuters poll predicted the central bank would keep interest rates unchanged at the last policy meeting under Governor Amando Tetangco.

Deputy Governor Nestor Espenilla takes over next month when Tetangco’s second six-year term ends, and will preside at the next policy meeting on Aug. 10.

Annual inflation eased to a four-month low in May, but the average rate of 3.1 percent in the first five months of the year was above the midpoint of the central bank’s 2-4 percent target range for 2017. (Reporting by Enrico dela Cruz and Neil Jerome Morales; Editing by Richard Borsuk)

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