MANILA -- Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday the benchmark interest rate should be cut deeper as the Philippines works for a "soft landing" from the COVID-19 pandemic.
MANILA -- Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday the benchmark interest rate should be cut deeper as the Philippines works for a "soft landing" from the COVID-19 pandemic.
Rolling back the overnight rate to 2018 levels at 3 percent "is no longer the appropriate policy goal," Diokno said. The policy rate, used by banks to price loans, is currently at 3.25 percent after a cumulative reduction of 150 basis points. "While BSP has cut the policy rate by 150 bps since I assumed office last year, the Philippines is now faced a once-in-a lifetime crisis," he said.
Inflation is likely to settle close to the lower end of the central bank's 2 to 4 percent target range, he said. March inflation settled at 2.5 percent, with millions spending half of the month on lockdown.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Review: In ‘Tigertail,’ an intergenerational immigrant taleIt’s a gentle and pensive intergenerational story about love and leaving home, about how an immigrant father’s experiences might not be as distant from his first-generation daughter’s as he imagines.
Read more »
US COVID-19 cases surpass half a million; Trump faces 'biggest decision' on re-opening economy
Read more »
OPEC puts heads together over oil output cutsTop oil producers were trying to finalize a crucial agreement on output cuts in the small hours of Friday in an attempt to counter a collapse in prices due to the coronavirus and a Saudi-Russian price war.
Read more »
Virus shutdowns erode U.S. inflation in March 2020Declines in sectors affected by the coronavirus outbreak fuel the drop in the United States' inflation rate.
Read more »
Mandatory contact tracing for all persons entering Davao CityTHE Davao City Government will now be strict in its contact tracing to individuals who will be entering the city, whether by land, air, or sea, after...
Read more »
UFC scraps California event on tribal land – The Manila TimesThe Ultimate Fighting Championship on Thursday scrapped controversial plans to stage a fight card later this month as the United States battles the coronavirus pandemic. The mixed martial arts organisation had planned to hold UFC 249 without fans at an undisclosed location, reportedly an Indian tribal reservation in California. However in an abrupt U-turn on […]
Read more »