The Philippine central bank slashed its key interest rate in September for a second consecutive session, and a third time thus far this year, as inflation slowed to its weakest level in nearly three years.
The Monetary Board of the Bangko Sentral ng Pilippinas, or BSP, on Thursday decided to lower the overnight reverse repurchase facility rate by 25 basis points to 4.00 percent. The move was in line with economists’ expectations.
Late August, BSP Governor Benjamin Diokno had signaled that the rate will be cut by another quarter-point before the end of this year. Hence, the September reduction could be the last in the current easing cycle.
The previous change in the rate was a quarter-point reduction in August, after a surprise similar size cut in May, which was the first since 2016.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
