Monetary Board cuts policy rates

PHILIPPINES - In Brief 09 May 2019 by Romeo Bernardo
With 1Q19 GDP falling below the low end of government’s growth target, the Monetary Board decided today to cut its set of policy rates by 25bp, setting the overnight reverse repurchase rate at 4.5%. The decision is based on a more benign inflation outlook, with the BSP forecasting inflation to average 2.9% in 2019 and 3.1% in 2020. According to BSP officials, the decision to cut also considered the impact of slower domestic growth, weaker global growth momentum, as well as slower growth rates of domestic liquidity and credit. The Monetary Board did not act on the reserve requirement ratio on bank deposits. Per the BSP Governor, this will be discussed in a meeting next week.

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