No need to raise interest rates, says BSP's Tetangco

No major developments have so far evolved in the domestic and external markets for the Bangko Sentral ng Pilipinas to raise interest rates, BSP Governor Amando Tetangco Jr. said in an interview with reporters late Wednesday.   The central bank chief, who talked to reporters the sidelines of the awarding ceremonies of the Microentrepreneur of the Year sponsored by Citibank, said there were no significant change in the price situation, monetary policy situation and relevant indicators.   Monetary authorities consider developments that affect inflation, the state of the country's domestic economy and external developments in setting policy rates, Tetangco noted.   The central bank Monetary Board will hold a policy meeting  on Dec. 1. Monitoring developments   "If we have a policy meeting, we look at developments that can affect inflation and how the economy is growing, at what rate it is growing. We also look at external markets such as US, Europe and countries in the Asian region. We also see what the other central banks have done in the recent period," he explained   Authorities are monitoring domestic and external developments, including the uncertainties in advanced economies led by the US and the sovereign debt crisis in Europe, Tetangco said.   "We look at all this and form a judgment as to whether there is need to change or not. At this point in time, there is no significant change in the overall environment but we still have to discuss," Tetangco noted.   The Bangko Sentral last raise its policy rates in May and brought the overnight borrowing rate to 4.50 percent and the overnight lending rate to 6.50 percent. — VS, GMA News