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Philippine Central Bank Cuts Key Rates By 25 Bps

The Philippine central bank on Thursday decided to cut its policy interest rates by a quarter point as expected by economists to support economic activity and reinforce confidence.

The Monetary Board of the Bangko Sentral ng Pilipinas decided to reduce the overnight borrowing or reverse repurchase to 4 percent from 4.25 percent and the overnight lending or repurchase rate to 6 percent from 6.25 percent, effective immediately.

This rate cut follows the 25-basis-points reduction in policy rates that was implemented in January of this year. Policy makers said the benign inflation outlook allowed further scope for a measured reduction in policy rates.

by RTT Staff Writer

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