BSP interest rates cut to record low

The Bangko Sentral ng Pilipinas (BSP) on Thursday surprised the market by trimming its key interest rates to their lowest level to further support the Philippine economy amid the lingering impact of the coronavirus disease 2019 (Covid-19) pandemic.

The central bank’s overnight borrowing, lending and deposit rates were slashed by 25 basis points (bps) to 2.00 percent, 1.50 percent and 2.50 percent, respectively, after its policymaking Monetary Board held its seventh rate-setting meeting for 2020.