Filipino Monetary Policy
June 13, 2013
Officials at this year’s fourth interest rate policy meeting voted to leave the overnight borrowing and lending rates at 3.5% and 5.5%, respectively, and did not cut the Special Deposit Rate any further. Such was sliced on January 24, March 13, and April 25 to the current 2.0% level, and policymakers are pausing to assess the impact of those actions. The overnight rates have been at their present levels since a 25-basis point reduction last October, which followed earlier easings in July, April and January of 2012. An inflation target of 3-5% is projected to be satisfied through the next 2-1/2 years, and growth continues to be decent.
Copyright 2013, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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