Central Bank of the Philippines cuts policy rate by 25bp
Third reduction in a row follows Fed’s quarter-point cut
The Central Bank of the Philippines (BSP) has cut its policy rate by 25 basis points for the third consecutive meeting, while flagging downside risks to the economy.
The decision today (December 19), which came hours after the US Federal Reserve cut its key rate by 25bp, brought the BSP’s target reverse repurchase rate to 5.75%. The central bank also cut its overnight deposit and lending rates by 25bp, to 5.25% and 6.25% respectively.
The move follows the BSP’s previous quarter point rate cuts in
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