Philippines central bank cuts rates as Q1 GDP growth falls

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The Central Bank of the Philippines

The Central Bank of the Philippines cut its key interest rate by 25 basis points to 4.5% today (May 9).

It announced its decision a few hours after the government released the country’s weakest first-quarter GDP growth in four years.

The central bank’s monetary board decided to reduce the overnight reverse repurchase (RRP) rate to 4.5%, effective on May 10, governor Benjamin Diokno said in a press conference.

The Philippine economy expanded 5.6% in the first three months of this year, the



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