Philippines: Rates to remain on hold under new governor

Today’s decision by the central bank in the Philippines (BSP) to keep its main policy rate on hold at 3.0% was widely expected. The accompanying statement, which was the first to be published since Nestor Espinalla took over as governor, suggests the central bank is in little hurry to adjust monetary policy. We continue to think that rates will be left unchanged both this year and next.

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