Another Filipino Central Bank Interest Rate Cut
April 16, 2020
The central bank in the Philippines implemented a third interest rate cut since early February, reducing its policy rate by 50 basis points after an unscheduled meeting to 2.75%. Earlier cuts of 50 basis points and 25 bps were made on March 19 and February 6. The Monetary Board took today’s action to strongly encourage lending to various sectors amid the Covid-19 pandemic. Officials, who next meet May 21, are hoping a further rate reduction will not be necessary.
Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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