BSP’s Monetary Board cuts key interest rate by 25 BPS

PTVPhilippines

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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.

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