Philippines keep rates on hold

After implementing five cuts in the benchmark interest rate since July last year, the central bank of the Philippines kept interest rates unchanged at 5% on 24 April.

This decision was widely expected by analysts and economists and is in line with other central banks in the region - Indonesia, Malaysia and Thailand - which have kept their rates on hold as price rises, particularly those of rice and crude oil, spur concerns over inflation.

Crude oil reached a record $119.90 a barrel in New Yor

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