BSP likely to hold rates steady, says Tetangco

The Philippines central bank will likely keep its benchmark overnight interest rates unchanged during its policy meeting on Thursday 5 May, despite the quarter percentage point hike in US interest rates, deputy governor and officer-in-charge Amando Tetangco Jr said.

"The central bank raised its policy rates last month mainly to calm inflation expectations. There may be no need for a further increase at this time," Tetangco said.

"The Fed's rate action was widely expected. It also confirmed it