Philippines central bank cuts rates as Q1 GDP growth falls

The Central Bank of the Philippines

The Central Bank of the Philippines cut its key interest rate by 25 basis points to 4.5% today (May 9).

It announced its decision a few hours after the government released the country’s weakest first-quarter GDP growth in four years.

The central bank’s monetary board decided to reduce the overnight reverse repurchase (RRP) rate to 4.5%, effective on May 10, governor Benjamin Diokno said in a press conference.

The Philippine economy expanded 5.6% in the first three months of this year, the

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