Philippines Holds Rate to Protect Economy From Growth Risks

The Philippines kept its benchmark interest rate unchanged for a fourth meeting, joining nations from Indonesia to South Korea in choosing to protect growth as a weakening global economy reduces the urgency to fight inflation.

Bangko Sentral ng Pilipinas kept the rate it pays lenders for overnight deposits at 4.5 percent, according to a statement in Manila today. The decision was predicted by all 17 economists in a Bloomberg News survey. The central bank maintained the reserve requirement ratio for lenders at 21 percent after ordering an increase in July that took effect the next month.