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Philippine central bank governor says likely no more rate cuts this year

Published 10/08/2019, 09:19 PM
Updated 10/08/2019, 09:20 PM
Philippine central bank governor says likely no more rate cuts this year

MANILA, Oct 8 (Reuters) - Philippines central bank Governor
Benjamin Diokno said on Tuesday that the rate cut policymakers
delivered last month, the third of the year, may also be the
last of 2019.
“Most likely under existing conditions,” Diokno said in a
phone message when asked if there will be no more rate
reductions this year.
Still, he noted that the decision is not his alone but will
be the Monetary Board's call.
The central bank has two more policy meetings this year, one
in November and another in December.
on Sept. 26, the central bank slashed its benchmark interest
rate PHCBIR=EC by 25 basis points to support economic growth.
A day after, it announced a 100 basis point cut in banks'
reserve requirement ratio (RRR) effective in November.
Diokno said in a speech before businessmen and bankers on
Tuesday that the central bank will deliver more cuts in reserve
requirement ratio (RRR) “should the inflation outlook continue
to improve.”
The latest RRR cut followed the 200 basis points phased
reduction in May to July and will bring the ratio to 15 percent.
Inflation eased in September to the lowest in more than
three years, putting this year's inflation target within reach.

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