Philippines c.bank says another 25 bps rate cut coming by end-2019

Philippines c.bank says another 25 bps rate cut coming by end-2019

A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. (Reuters file photo)
A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. (Reuters file photo)

MANILA: The Philippine central bank will make another 25 basis point cut in policy rates before the end of the year as it expects prolonged global monetary easing, its governor said on Tuesday.

"Another 25 basis points before the end of the year," Bangko Sentral ng Pilipinas Governor Benjamin Diokno replied when asked at an economic forum if there are more rate cuts in the offing.

The Philippine central bank cut its benchmark interest rate by 25 basis points, its second this year, to 4.25% on Aug 8. It kept the door open for further easing to boost the economy, which grew at its slowest in 17 quarters in April-June.

Diokno added that further cutting banks' reserve requirement ratio (RRR) is a "live issue". The central bank has announced that further RRR reductions, which would release more money to the economy, can be expected before its Sept 26 policy meeting. 


Do you like the content of this article?
COMMENT

Giant sequoias wrapped in foil protection against US forest fires

LOS ANGELES: The world's biggest trees were being wrapped in fire-proof blankets Thursday in an effort to protect them from huge blazes tearing through the drought-stricken western United States.

09:45

14,555 new Covid cases, 171 more deaths

Thailand logged 14,555 new Covid-19 cases and 177 more fatalities during the previous 24 hours, the Public Health Ministry announced on Friday morning.

08:39

Chiang Mai mountain reserve-listed

Doi Chiang Dao, Thailand's third-highest peak and part of a karst geological mountain range in Chiang Mai, has been listed as a new biosphere reserve.

07:44