BSP holds rates as expected

MANILA, May 18 (Reuters) – The Philippines central bank kept its benchmark interest rate steady at 6.25% on Thursday, pausing its 10-month tightening cycle, with inflation on track to ease back towards its 2% to 4% target range for the year.

Sixteen out of 22 economists in a Reuters poll had predicted the central bank would take a break after raising rates by a total of 425 basis points (bps) since last May, while the rest had expected a 25 bps hike.

(Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Martin Petty and Kim Coghill)