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Philippine Central Bank Cuts Interest Rate as Economy Slows

  • Governor says step is ‘pre-emptive’ move amid global risks
  • Growth slowed to 5.5% last quarter, inflation at 2-year low
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The Philippines cut its benchmark interest rate by a quarter-percentage point Thursday, in line with most forecasts, resuming policy easing after economic growth and inflation slowed.

Bangko Sentral ng Pilipinas reduced the overnight borrowing rate to 4.25%, it said in a statement. Twenty-three of the 26 economists surveyed by Bloomberg predicted the decision.