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