Central bank cuts policy rates after four-year low growth data

August 8, 2019

The Monetary Board cut policy rates by 25 basis points to 4.25 percent on Thursday, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said.

Interest rates on the overnight deposit and lending facilities were reduced to 3.75 percent to 4.75 percent, the central bank said.

The decision by the Monetary Board came after the Philippine Statistics Authority said second quarter gross domestic product grew 5.5 percent, a four- year low. DMS