the philippine central bank kept its benchmark interest rate unchanged as domestic inflation has slowed the bangko sentral ng pilipinas said thursday that it would maintain its benchmark overnight borrowing rate at 625 and its corresponding lending rate at 675 six of the seven economists surveyed by the wall street journal had projected the central bank would stand pat on its policy rate while one projected a 25basispoint increase the countrys consumerprice index in april rose 66 from a year earlier still above the central banks inflation target range of 2 to 4 but slower than the 76 rise in march some economists expect the central bank will keep its policy rate unchanged in the coming months as they project inflation will likely trend lower but they said another rate increase couldnt be ruled out especially given that economic growth has remained relatively strong the countrys gross domestic product in the first quarter rose 64 from a year earlier and expanded 11 from the previous quarter the philippine central bank started the current tightening cycle in may 2022 when it increased the rate from 200 in response to surging inflation caused by a recovery from the covid19 pandemic and the russiaukraine war