At its 1 March monetary policy meeting, the Central Bank cut the benchmark interest rate by 25 basis points to 4.00%. The decision was expected by market participants and followed a similar move in January, when the Bank reduced interest rates by quarter of a percentage point. The Bank's decision aims at boosting economic activity amid slowing inflation, which fell to a 29-month low in February. The Central Bank stressed that economic growth continues to be adversely affected by weaker external demand. The Bank also pointed out that ?global economic conditions are expected to stay subdued as fiscal and banking sector headwinds in advanced economies affect global output growth?. Regarding price developments, monetary authorities acknowledged that ?the inflation outlook remains within the target range, with well-anchored inflation expectations.? However, policy makers mentioned several upside risks to the inflation outlook, particularly those stemming from rising oil prices.
Philippines Monetary Policy
Central Bank cuts interest rate to 4.00%
March 1, 2012
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.