Philippine central bank chief says August rate cut 'more likely' than before

MANILA -- The Philippine central bank's chief said that an interest rate cut in August is "somewhat more likely than before" during a news briefing on Thursday that followed a decision to keep its key rate on hold for now.

After a monetary board meeting, the Bangko Sentral ng Pilipinas (BSP) maintained its benchmark rate at a 17-year high of 6.50% amid lingering inflation concerns and as it waits for cues from the U.S. Federal Reserve. The bank pursued a series of hikes in 2023 in a bid to rein in inflation.