No more rate cuts this year

PHILIPPINES - In Brief 08 Oct 2019 by Romeo Bernardo
Monetary authorities appear to have closed the door on further policy rate cuts this year. News feeds report that BSP Governor Benjamin Diokno, responding to questions from journalists, said that while authorities may consider additional reduction in banks’ reserve requirement ratio (RRR) this year if upcoming data permit, they will leave the policy rates alone.This tells us that notwithstanding his bias for growth, Governor Diokno is in fact more cautious in using monetary policy to stimulate economic growth. BSP watchers have noted how unlike other central bank governors who try to manage market expectations by merely signaling intent under the cover of data dependence, Governor Diokno has a penchant for saying outright what the BSP will or will not do. We await his next statement.

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