The Philippines: Interest Rate Policy on Hold Amid Balanced Risks
September 13, 2012
Officials Bangko Sentral ng Pilipinas implemented three cuts of the overnight borrowing rate or reverse repo earlier this year in January, March and July, which depressed such to a record low of 3.75%. That stimulus, according to a statement after today’s meeting, continues to work its way through the economy. Monetary authorities feel that the policy stance remains “appropriate” and presented a mix of upside and downside risks to inflation around a baseline forecast that puts the future path “well within the target” of 3-5%.
Copyright 2012, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Filipino monetary policy
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