MANILA (June 22): The Philippine central bank kept its benchmark interest rate steady for a second straight meeting on Thursday (June 22), as widely expected, but said it was prepared to leap into action if needed to sustain the downward trend in inflation. Its latest consumer price forecast for this year showed inflation would average 5.4% in 2023, slightly lower than its earlier projection of 5.5%. For next year, inflation is expected to average 2.9%, a tad higher than its earlier forecast of 2.

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