Philippine central bank says Fed action gives policymakers space to keep rates steady

MANILA: The Philippine central bank has leeway to keep interest rates steady after the US Federal Reserve maintained its basic guidance that borrowing costs would be left unchanged for a considerable time, its head said on Thursday.

Bangko Sentral ng Pilipinas Governor Amando Tetangco also said authorities will closely monitor the foreign exchange market to guard against possible excessive moves, adding the central bank was ready to act.

"The language that Fed could keep rates low for a considerable time, could still keep market participants on the look out and therefore still mean some market volatility before the lift off actually happens," Tetangco said in a mobile text message to reporters.