MANILA, Nov. 14 (Xinhua) -- The Philippine central bank decided on Thursday to maintain its key interest rate at 4.0 percent.

The Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila said on a press conference the decision-makers of the Monetary Board believed that the prevailing monetary policy settings remain appropriate given the current considerations.

"This is supported by the benign inflation outlook and a firm outlook for domestic economic growth," Dakila added.

Dakila said that the country's inflation expectations based on the BSP's survey of private-sector economists also remain well-anchored within the inflation target range.

Although the weak global economic prospects continue, Dakila said firm private domestic spending and sustained progress in policy reforms in the Philippines will serve as a buffer against external headwinds.

At the same time, Dakila said a prudent pause in monetary adjustments will enable the cumulative 75-basis-point reduction in policy rates as well as the cut in reserve requirement ratios to continue working their way through the economy.

The Philippine central bank had cut its key rates three times this year, for a total of 75 basis points. Enditem

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