In a virtual press conference, BSP Governor Benjamin Diokno said the Monetary Board decided to keep the overnight reverse repurchase rate at an all-time low of two percent. Likewise, the overnight deposit and overnight lending rates were kept at 1.50 percent and 2.50 percent, respectively. In all, the BSP slashed interest rates by 200 basis points this year as part of aggressive easing measures to cushion the impact of the pandemic on the economy. “The Monetary Board noted that the resurgence of COVID-19 cases globally has tempered economic activity with the reimposition of preventive measures in recent weeks,” Diokno said. On the domestic front, Diokno said the Monetary Board also observed early indications of improved mobility and sentiment.

Source: Philippine Star December 17, 2020 15:56 UTC