• The Philippine central bank kept its benchmark interest rate unchanged at a 17-year high amid resurgent inflation and recent decline in the peso.
  • The Bangko Sentral ng Pilipinas left the target rate at 6.50% for a fourth straight meeting on Monday, as expected by all 19 economists in a Bloomberg survey.
  • The pause comes despite headline inflation accelerating for a second consecutive month to 3.7% in March on costlier food, including rice. The latest print is still within the central bank’s 2%-to-4% target, and gives the monetary authority reason to exercise caution on borrowing costs, with price pressures seen persisting until next quarter.
  • The peso has also faced a fresh bout of weakness along with other regional currencies, giving the central bank more reason to stand pat. The local currency, which touched a five-month low last week, was little changed against the dollar after the noon break on Monday.