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Philippine c.bank ready to support growth amid coronavirus outbreak

Published 03/14/2020, 10:02 AM
Updated 03/14/2020, 10:08 AM
© Reuters. Philippine c.bank ready to support growth amid coronavirus outbreak

MANILA, March 14 (Reuters) - The Philippine central bank
stands ready to deploy any or all of its policy tools even as it
said the fast-spreading coronavirus would not severely cut the
country's growth momentum, its governor said late Friday.
The central bank is widely expected to cut interest rates at
its meeting on Thursday and economists believe it will likely
ease policy further to cushion the blow of coronavirus on one of
Asia's fastest growing economy.
"The Monetary Board is ready to deploy any or all its policy
tools, as appropriate, to address all challenges to our own
financial markers and growth prospects," central bank Governor
Benjamin Diokno said in a statement.
The Philippines targets an economic growth of 6.5% to 7.5%
this year, but government officials had said the coronavirus
outbreak could trim it down to 5.5% to 6.5%.
The central bank lowered the rate on its overnight reverse
repurchase facility PHCBIR=ECI by 25 basis points to 3.75% in
February, the fourth such move since it began reversing policy
rate hikes in 2018 to bolster the economy.


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