At its 19 January monetary policy meeting, the Central Bank cut the benchmark interest rate by 25 basis points to 4.25%. The decision was expected by market participants and followed five consecutive meetings in which interest rates had been left unchanged. The Bank's decision aims at boosting economic activity amid increasing external headwinds and slowing inflation. The Central Bank stated that it ?considers the overall balance of global economic activity to be tipping towards a further slowdown?. Weaker external demand has already dragged down Philippine exports, which contracted for a seventh consecutive month in November. That said, monetary authorities expect domestic demand to remain buoyant, whilst also acknowledging that ?the inflation outlook remains comfortably within the target range, with expectations well-anchored?.
Philippines Monetary Policy
Central Bank lowers interest rates by 25 basis points
January 19, 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.