Filipino Central Bank Interest Rates Cut by 25 Basis Points
October 25, 2012
Policymakers at Bangko Sentral ng Pilipinas have reduced the overnight borrowing and lending rates by 25 basis points to 3.5% and 5.5%, respectively. This easing follows three similarly-sized adjustments made this year in January, March and July. A new statement calls the inflation outlook “manageable”, with the 12-month CPI projected to stay within the 3-5% target range through out the policy horizon and facing balanced risks. Externally generated economic headwinds meanwhile remain “considerable,” and officials hope the four interest rate cuts totaling one percentage point that they have administered in 2012 will “help buffer domestic demand against ongoing global economic strains.” The eighth and final scheduled interest rate announcement of this year will be made on December 13.
Copyright 2012, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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