The Philippine central bank’s monetary authorities decided to keep key interest rates unchanged at their sixth policy meeting for the year on Thursday.

The Bangko Sentral ng Pilipinas (BSP) also lowered its inflation forecast for the year to 1.7 percent from 1.8 percent. But it retained its inflation forecasts for 2017 and 2018 at 2.9 percent and 2.6 percent, respectively.