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Philippine central bank says no reason for further rate cuts at this time, governor says

Published 08/09/2020, 09:34 PM
Updated 08/09/2020, 09:35 PM
© Reuters. Security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila

MANILA (Reuters) - The Philippines' central bank does not see a strong reason for further policy rate cuts at this time, and key rates could remain unchanged for the rest of the year, its governor said on Monday.

The Southeast Asian nation, one of the fastest growing economies in Asia before the pandemic, suffered its first recession in 29 years as strict coronavirus lockdown measures ground economic activity to a halt in the second quarter.

"This time, I do not see a strong reason why we should have another policy cut," Bangko Sentral ng Pilipinas Governor Benjamin Diokno told ANC news channel.

No more rate cuts for the entire year is "a possibility", he added.

© Reuters. Security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila

The central bank's policy-making body next meets on Aug. 20 to set key rates.

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