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Despite rising global interest rates in response to last week's increase by the US central bank, the Bangko Sentral ng Pilipinas has opted to keep its overnight rates steady. It believes that low inflation data will keep peso assets attractive to investors.
"No change," proclaimed Bangko Sentral Deputy Gov. Amando M. Tetangco, Jr. last Friday after the weekly meeting of the policy-making Monetary Board.
Predicting only a modest rise in the prices for January (the official inflation data will be announced today), Mr. Tetangco said that "present interest rate levels are still appropriate given the movement in the inflation rate, as well as the behavior of the …