December 17, 2019 / 11:45 AM / a month ago

Philippine c.bank says at least 50 bps cut seen in 2020

MANILA, Dec 17 (Reuters) - The Philippine central bank will cut its benchmark interest rates by “at least 50 basis points” in 2020 as it resumes its monetary easing to support economic growth, its governor said on Tuesday.

Benjamin Diokno also repeated that there would be more cuts in banks’ reserve requirements in line with its medium-term term plan to reduce it to single digits. Diokno said the ratio would likely be at 9% by the end of his term in 2023 from 14% currently, among the highest in the region.

The central bank maintained its key policy rate steady for a second straight meeting on last week, giving three earlier rate cuts time to take effect as the economy is buffeted by the Sino-U.S. trade war and slower global demand. (Reporting by Karen Lema, Writing by Neil Jerome Morales; Editing by Jon Boyle)

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