Espenilla Holds Philippine Rate, Raises CPI Outlook in Debut

All 17 economists surveyed forecast rate would be kept at 3%
Central bank raises inflation forecasts through 2019 on oil

Nestor Espenilla
Photographer: Veejay Villafranca/Bloomberg

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By Siegfrid Alegado, Ditas B Lopez, and Norman P Aquino

August 10, 2017 at 8:06 AM UTC

Updated on

August 10, 2017 at 9:14 AM UTC

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Philippine central bank Governor Nestor Espenilla kept interest rates unchanged in his debut policy meeting as head of the bank, while slightly raising forecasts for inflation because of pressure from oil prices.

The overnight reverse repurchase rate was left at 3 percent, Bangko Sentral ng Pilipinas said in Manila on Thursday, as predicted by all 17 economists surveyed by Bloomberg. Inflation is forecast to reach 3.2 percent this year and next, up from earlier estimates of 3.1 percent and 3 percent, respectively.