MANILA, Philippines — Fitch Solutions Macro Research is maintaining its gross domestic product (GDP) growth forecast for the Philippines for now despite the outbreak of coronavirus disease (COVID-19). Economic managers penciled a GDP growth of between 6.5 and 7.5 percent for this year. The central bank also lowered the reserve requirement ratio for big and mid-sized banks by 400 basis points and for small banks by 200 basis points last year freeing up P450 billion to boost economic activity. BSP Governor Benjamin Diokno has signaled a total 50 basis points rate cut this year. The BSP chief, however, is in no hurry after cutting interest rates by 25 basis points last Feb. 6.

Source: Philippine Star February 17, 2020 16:00 UTC