A security guard standing beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines. — Reuters
MANILA: The Philippine central bank cut its key interest rate by 25 basis points to 6.25% on Thursday, its governor said.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona said the balance of risks for the inflation outlook were tilted towards the downside for 2024 and 2025.
Economists polled by Reuters were divided on what the BSP would decide, with 13 of 24 forecasting the key interest rate would be held steady at 6.50% and the other 11 expecting a 25 basis point cut.
The policy decision followed data last week showing the economy grew 6.3% in the second quarter from a year earlier, and that annual inflation had risen to 4.4% in July, above the central bank's 2.0% to 4.0% target range for the year. (Reporting by Mikhail Flores and Neil Jerome Morales; Editing by John Mair)
