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Philippines cuts interest rates by quarter point
The Philippine central bank has again slashed interest rates by a quarter percentage point to record lows to boost the economy amid a global economic slump.
Central bank Gov. Amando Tetangco said the rate cuts made Thursday by the bank’s Monetary Board is the fourth this year and brings the cumulative reduction to 100 basis points.
He says lower rates could encourage investment and consumption to ward off risks associated with weaker external demand.
Tetangco says inflation remains benign and is forecast to be within government’s target of 3 to 5 percent this year up to 2014.
The rate paid by the central bank to lenders for overnight deposits is now 3.50 percent while the rate borrowers pay for overnight credit from the central bank is down to 5.50 percent.
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