The Philippines' central bank does not see a strong reason for further policy rate cuts at this time, and key rates could remain unchanged for the rest of the year, its governor said on Monday.
FILE PHOTO: A security guard stands beside a logo of the Bangko Sentral ng Pilipinas posted at the main gate in Manila, Philippines April 28, 2016. REUTERS/Romeo Ranoco
MANILA - The Philippines’ central bank does not see a strong reason for further policy rate cuts at this time, and key rates could remain unchanged for the rest of the year, its governor said on Monday. The Southeast Asian nation, one of the fastest growing economies in Asia before the pandemic, suffered its first recession in 29 years as strict coronavirus lockdown measures ground economic activity to a halt in the second quarter.
“This time, I do not see a strong reason why we should have another policy cut,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno told ANC news channel.The central bank’s policy-making body next meets on Aug. 20 to set key rates.
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