Economics
Philippines Holds Key Rate as it Boosts Debt Financing
- Central bank approves $11 billion cash advance to government
- Rate pause comes amid worst economic crisis in decades
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The Philippine central bank kept its key interest rate unchanged for a second straight meeting and approved an $11 billion cash advance to the government to support pandemic relief measures.
The central bank left its benchmark rate at 2.25% on Thursday, as predicted by 19 of 20 analysts in a Bloomberg survey. One had expected a quarter-point reduction.