BSP may cut rates earlier to head off virus’ adverse economic effects

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MANILA, Philippines — The central bank may accelerate its rate cut program for the year if the novel coronavirus takes a bigger toll on the country’s growth than what economic managers are currently expecting.

 

In particular, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the policy-making Monetary Board may implement the second 25-basis point rate cut he promised by as early as the second quarter of 2019.

 

“But for now, we are happy where we are,” he said, explaining that current forecasts see only a limited impact of the virus on the Philippines’ gross domestic product.

 

In a press briefing on Friday, Diokno said the COVID-19 (2…

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The Philippine Daily Inquirer, popularly known as the Inquirer, is an English-language newspaper in the Philippines. Founded in 1985, it is often regarded as the Philippines' newspaper of record.

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