Philippine central bank cuts policy rate by 25 bps, as expected

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Philippine central bank cuts policy rate by 25 bps, as expected - Channel News Asia

Quick Summary:

MANILA :The Philippine central bank reduced its key interest rate by 25 basis points on Wednesday for a second meeting, and left the door open to further cuts with medium-term inflation expected to stay within its 2 per cent-4 per cent target range.

The Philippine peso was largely unchanged at 57.73 to the dollar after the BSP's rate cut.

"The Monetary Board's decision is based on its assessment that price pressures remain manageable," Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona told a press conference.