ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

Philippines cuts key rate in off-cycle move as recession looms

Manila's finance department expects economy to be flat or shrink 0.8%

Bangko Sentral ng Pilipinas made a surprise interest rate cut on April 16 in an attempt to ward off a looming recession.   © Reuters
CLIFF VENZON, Nikkei staff writer | Philippines

MANILA -- The Philippine central bank on Thursday slashed the key interest rate by 50 basis points in an off-cycle monetary easing move to support the economy amid a possible recession.

The move, which brings the benchmark interest rate to 2.75%, takes effect on Friday, Gov. Benjamin Diokno told reporters.

Read Next

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more

By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. Please review our Cookie Policy to learn how you can update your cookie settings.

Accept & Continue Close