FOREX TradingCharts.com

Financial News: Philippine CB Cuts Rate For Second Time In

Philippine CB Cuts Rate For Second Time In A Row

09/26/2019 - 08:19:00 (RTTNews)

(RTTNews) - The Philippine central bank slashed its key interest rate by a quarter-point for a second consecutive session, and a third time thus far this year, as inflation slowed to its weakest level in nearly three years amid weak economic growth.

The Monetary Board of the Bangko Sentral ng Pilippinas, or BSP, on Thursday decided to lower the overnight reverse repurchase facility rate by 25 basis points to 4.00 percent. The move was in line with economists' expectations.

The previous change in the rate was a quarter-point reduction in August, after a surprise similar size cut in May, which was the first since 2016.

Late August, BSP Governor Benjamin Diokno had signaled that the rate will be cut by another quarter-point before the end of this year.

However, Alex Holmes, an economist at Capital Economics, expects more cuts in coming quarters with growth likely to disappoint and subdued price pressures. The economist forecast two rate cuts, that will take the policy rate to 3.50 percent.

The central bank expects inflation to settle within the lower half of the target range of 2-4 percent until 2021. The balance of risks to the inflation outlook shifted toward the upside for 2020 and tilted to the downside for 2021.

The bank had earlier lowered its inflation forecast for 2019 to 2.5 percent from 2.6 percent.

The board viewed that prospects for global economic growth are likely to remain weak owing mainly to uncertainty over trade policies. Nonetheless, firm domestic spending and progress on policy reforms will serve as a buffer against global headwinds.

The economy had expanded 5.5 percent in the second quarter, which was the weakest growth in four years. The government targets 6-7 percent growth for this year.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Sweden September Jobless Rate Climbs (01 hr(s), 46 min(s), 38 sec(s) ago)
(RTTNews) - Sweden's jobless rate rose marginally in September amid the first increase in yout ...Full Story»

China Car Sales Drop For 15 Months (02 hr(s), 41 min(s), 38 sec(s) ago)
(RTTNews) - China's car sales fell for the fifteenth consecutive month in September, figures f ...Full Story»

Slovakia Inflation Rises In September (03 hr(s), 31 min(s), 38 sec(s) ago)
(RTTNews) - Slovakia's consumer price inflation rose marginally in September after slowing in ...Full Story»

India Inflation Rises In September (03 hr(s), 52 min(s), 38 sec(s) ago)
(RTTNews) - India's consumer price inflation increased moderately in September, data from the ...Full Story»

German Economy Unlikely To See Strong Downturn (04 hr(s), 12 min(s), 38 sec(s) ago)
(RTTNews) - The German economy is unlikely to log a strong downturn, the economy ministry reported ...Full Story»

Hungary Industrial Production Growth Slows In August (04 hr(s), 33 min(s), 38 sec(s) ago)
(RTTNews) - Hungary's industrial production grew at a slower rate in August, final data from t ...Full Story»

Turkey Industrial Production Falls In August (04 hr(s), 43 min(s), 38 sec(s) ago)
(RTTNews) - Turkey industrial production declined in August, data from the Turkish Statistical Ins ...Full Story»

Finland Inflation Slows In September (04 hr(s), 49 min(s), 38 sec(s) ago)
(RTTNews) - Finland consume price inflation slowed in September after rising in the previous month ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Sweden September Jobless Rate Climbs

10/14/2019 - 10:33 AM (RTTNews)
(RTTNews) - Sweden's jobless rate rose marginally in September amid the first increase in yout ...Full Story>>

China Car Sales Drop For 15 Months

10/14/2019 - 09:38 AM (RTTNews)
(RTTNews) - China's car sales fell for the fifteenth consecutive month in September, figures f ...Full Story>>

Slovakia Inflation Rises In September

10/14/2019 - 08:48 AM (RTTNews)
(RTTNews) - Slovakia's consumer price inflation rose marginally in September after slowing in ...Full Story>>

India Inflation Rises In September

10/14/2019 - 08:27 AM (RTTNews)
(RTTNews) - India's consumer price inflation increased moderately in September, data from the ...Full Story>>

German Economy Unlikely To See Strong Downturn

10/14/2019 - 08:07 AM (RTTNews)
(RTTNews) - The German economy is unlikely to log a strong downturn, the economy ministry reported ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.