Central Banks
Philippine Finance Chief Seeks Half-Point Rate Cut to Match Fed
- Finance Secretary Recto backs October move similar to Fed’s
- Governor had said BSP to focus on own data, not on Fed
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Philippine Finance Secretary Ralph Recto, who represents the government in the central bank’s rate-setting board, said he will back a 50-basis-point rate cut at the panel’s next meeting in October.
“Yes, I will support a similar rate cut,” Recto said in a mobile phone message when asked whether he sees a more compelling reason for Bangko Sentral ng Pilipinas to reduce borrowing costs again at next month’s meeting after the Federal Reserve’s half-point easing overnight.