Philippines central bank reduces key policy rate by 25 bps to 4½%

By Richard Connell

New York, April 16 - The Monetary Board of the Bangko Sentral ng Pilipinas cut its overnight borrowing rate by 25 basis points to 4½% at its meeting on Thursday, according to a news release issued by the bank.

The board of the Philippines central bank considered forecasts that indicated inflation declining, reaching the inflation target area in both 2009 and 2010.

The board noted that the difficulties in the global financial system were likely to continue, negatively affecting the economy of the Philippines.

In an effort to promote wider access to domestic financing, the board cut the borrowing rate to 4½%.

The board has now cut the rate four times by a total of 150 bps since December, making the borrowing rate the lowest since May 15, 1992.

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