The Philippine central bank is open to cutting its key interest rate by a further 75 basis points for the rest of the year as inflation continued to ease, according to Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr.
鈥淥n the table, yes,鈥 Mr. Remolona said in a mobile-phone message on Wednesday when asked if it鈥檚 possible for the Bangko Sentral ng Pilipinas to reduce the benchmark rate by 75 basis points more this year after inflation further slowed in April.
The BSP has been signaling a readiness to further lower borrowing costs after a quarter-point cut last month to support the economy amid the global trade uncertainty.
Easing price pressures and the peso鈥檚 strength against the US dollar have given monetary authorities leeway for further easing.
Mr. Remolona earlier on Wednesday also signaled that authorities are unlikely to intervene to curb the peso鈥檚 appreciation. — Bloomberg
