Philippine central bank cuts rates to record low

BSP cuts rates by 50bp as IMF projects 3.6% GDP contraction in 2020

The Philippines Central Bank

The Philippine central bank cut its policy rate to a record low with a 50 basis point rate cut on June 26.

The Bangko Sentral ng Pilipinas is ready to take further steps to support “non-inflationary growth”, governor Benjamin Diokno said during an online briefing. The BSP lowered the overnight reverse repurchase facility rate to 2.25%, the fourth cut this year. It has reduced the policy rate by 175bp since February.

The International Monetary Fund projects that the Philippines economy will

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