BSP’s Monetary Board cuts key interest rate by 25 BPS
BSP’s Monetary Board cuts key interest rate by 25 BPS
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NewsTranscript
00:00The Banko Sentral ng Pilipinas, or BSP's monetary board, reduced key interest rates
00:05by 25 basis points to 6%, effective October 17.
00:11The overnight deposit and lending rates were also adjusted to 5.50 and 6.50%, respectively.
00:18The BSP cited manageable inflation as the primary reason for the cut, with the 2024
00:24inflation forecast easing to 3.1%.
00:27However, projections for 2025 and 2026 slightly increased to 3.3% and 3.7% due to potential
00:37electricity rate hikes and wage increases outside Metro Manila.
00:42The Central Bank expects robust economic growth fueled by rising household income, investments,
00:48and increased government spending, supported by its recent monetary easing policies.
00:53The BSP will continue to monitor inflation risks closely while maintaining a gradual
00:58approach to further rate adjustments.