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Philippine cbank keeps rates steady, as expected, after 4 successive cuts

MANILA, Aug 20 (Reuters) - The Philippine central bank kept its policy rates steady, as expected on Thursday, saying the current monetary policy stance remains appropriate for now after four successive interest rate cuts this year.

It maintained the rate on the overnight reverse repurchase facility at a record-low 2.25%. Rates on the overnight deposit and lending facilities were likewise kept steady at 1.75% and 2.75%, respectively.

Thirteen out of 15 institutions surveyed by Reuters had expected the BSP to pause monetary easing after slashing rates by 175 basis points this year, while two had predicted a 25-50 bps cut.

Reporting by Neil Jerome Morales and Enrico Dela Cruz Editing by Ed Davies

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