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

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

20200416 Philippines central bank RTSBTBK.JPG

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

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.

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