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Investing.com -- The central bank of the Philippines, Bangko Sentral ng Pilipinas, has kept its policy rate steady on Thursday, marking a pause in its easing cycle.
This decision, which came as a surprise to markets, was driven by a significant increase in global uncertainty, especially concerning trade policy.
The bank’s benchmark overnight reverse repurchase rate remains at 5.75%, as announced by Governor Eli Remolona on Thursday.
In addition, the bank’s benchmark lending rate also continues to stand at 6.25%.
According to Governor Remolona, the current risks and uncertainty surrounding the global outlook justify the decision to keep rates on hold for now.
The central bank’s decision underscores its cautious approach in the face of global economic turmoil.
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