Filipino Central Bank Rate Left at 4.0%
October 1, 2009
As after the prior central bank meeting on August 20, Bangko Sentral ng Philippines kept its overnight borrowing rate steady at 4.0%. Previously, the rate had been cut by 50 basis points last December, another 50 bps in January, and 25 bps each in March, April, May and July. The last rate hike was a 25-bp increase on August 28, 2008. A statement from central bank officials called monetary policy appropriate and said policymakers were exercising caution because of remaining soft spots in the economy despite signs of recovery.
Copyright Larry Greenberg 2009. All rights reserved. No secondary distribution without express permission.
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