UPDATE 1-Philippines c.bank says 'deeper' policy rate cut needed to cushion virus blow

(Interactive graphic tracking global spread of coronavirus:
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* Philippines facing once-in-a-lifetime crisis -c.bank
governor
* Crisis calls for bolder policy moves -Gov. Diokno
* Another 200 bps cut in RRR 'forthcoming' -Gov. Diokno

(Adds more c.bank governor quotes, government lockdown
measures)
MANILA, April 12 (Reuters) - The Philippines' central bank
governor on Sunday said another 200 basis-point cut in the
bank's reserve requirement ratio is "forthcoming" and signalled
more cuts in its policy interest rate to cushion the economic
blow of the novel coronavirus.
The bank has slashed its interest rate PHCBIR=ECI by a
total of 75 basis points (bps) so far this year to 3.25% - more
than the 50 bps reduction to which it had earlier committed. It
also cut the ratio of funds it requires banks to keep in reserve
by 200 bps last month to help boost liquidity in the economy.
"It is now clear that reverting to where we were in 2018 -
policy rate at 3.0% - is no longer an appropriate policy goal,"
Benjamin Diokno told reporters. "A deeper cut is warranted in
response to the expected sharp economic slowdown."
The Philippines, usually among Asia's fastest-growing
economies, is set to post zero growth this year under the
government's best-case scenario, versus last year's 5.9%.
"The Philippines is now facing a once-in-a-lifetime crisis",
Diokno said. "These new realities call for bolder but
appropriate moves on the part of the BSP (central bank)."
President Rodrigo Duterte on Tuesday extended measures
covering over half of the population aimed at limiting social
contact, to slow the spread of a virus that has infected 4,428
people in the country and caused the deaths of 247. Policies restricting movement and gatherings have been in
place in and around the capital Manila for almost a month,
dampening domestic consumption, a key driver of economic growth.
"The monetary authority's job, in coordination with fiscal
authorities, is to manage a 'soft' landing and ensure economic
takeoff begins quickly once the pandemic fades," Diokno said.

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FACTBOX-Global central banks slash rates following coronavirus
outbreak extends coronavirus lockdown, home quarantine to
end-April ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>