Bangko Sentral still eyeing at least 50 bps of rate cuts this year

Reuters

Posted at Jan 30 2020 06:31 PM


MANILA - The Bangko Sentral ng Pilipinas is still considering cutting its benchmark interest rate by at least 50 basis points (bps) this year, its governor said on Thursday.

The central bank slashed its policy rates by 75 basis points in 2019, reversing some of the policy tightening it did in 2018 to slow red-hot inflation. 

"We still have a long way to unwind," Bangko Sentral ng Pilipinas Governor Benjamin Diokno told reporters ahead of the central bank's policy meeting on Feb 6.

Economic growth in the Philippines slid to an eight-year low of 5.9 percent last year, missing the low-end of the government's 6 to 6.5 percent expansion target.