MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) delivered on Thursday fresh monetary stimulus outside schedule, pushing down key rates to new record-lows. In a Viber message to reporters, BSP Governor Benjamin Diokno said the central bank slashed its overnight reverse repurchase rate by 50 basis points to 2.75% effective Friday. The rates on overnight lending and deposit facilities were also reduced accordingly. By cutting rates, BSP essentially is signaling to banks to lower the interest on their loans in a bid to entice consumers to borrow. Last March 9, the central bank also slashed rates by 50 bps with Diokno promising thereafter to do more if needed.

Source: Philippine Star April 16, 2020 06:33 UTC