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Philippine Central Bank Head Says There’s Still Room to Ease

  • Philippine GDP may shrink 9% in 3Q, grow in 4Q, Diokno says
  • Central bank to help government ‘as long as there’s a crisis’
Benjamin Diokno
Benjamin DioknoPhotographer: Geric Cruz/Bloomberg
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Philippine central bank Governor Benjamin Diokno said the monetary authority still has room to further ease the policy rate even as he thinks the worst is over for the economy.

“We still have some room for monetary easing if there’s some need for it,” Diokno said Friday, adding that banks’ reserve requirement ratio remains high. The economy may have contracted about 9% last quarter and may see “possible growth” in the fourth quarter, he said, after a 16.5% drop in April to June.