Philippine central bank keeps policy rate steady, cuts SDA rate again to tame peso

MANILA: The Philippine central bank as expected left its benchmark interest rate on hold at a record low of 3.5 percent on Thursday, while cutting the rate on its special deposit account by 50 basis points to boost economic activity and contain the peso's strength.

All 12 economists in a Reuters poll this week had forecast the overnight borrowing rate to be kept steady, and most of them had predicted a 50-basis-point cut in the short-term special deposit account.