Rate Cut at Bangko Sentral ng Pilipinas
November 19, 2020
The Filipino policy interest rate was reduced by 25 basis points to a record low of 2.0%. This was the fifth cut of 2020, followings ones of 25 bps in February and a trio of 50-bp moves in March, April and June. The Philippines has been slammed not only by the pandemic but also a series of typhoons. GDP contracted last quarter and probably even more rapidly in the current quarter, but as in the above Indonesian case, analysts had not expected a rate reduction at today’s meeting.
Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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