Philippine confirms 50 bps cut in key rates

PHILIPPINES - Philippine central bank governor Rafael Buenaventura confirmed on Apr 19 that its policy-making Monetary Board decided to cut key benchmark interest rates by 50 basis points, matching the move by the U.S. Fed overnight.

The rate cut will be effective from Apr 20. The key overnight borrowing rate now stands at 9.5 percent and the lending rate at 11.75 percent.

Buenaventura said in a statement that benign inflation for the first quarter of 2001, improving but still relatively weak d