Philippine interest rates slashed to record low

25bps cut lowers rate to 3.50%.

In line with the consensus, as well as with recent policy moves elsewhere in the region, the Philippines central bank cut interest rates for a fourth time this year, by 25bps, bringing the key rate to a record-low 3.50%, said BBVA.

"While the move was done in part to stem further currency appreciation, in this respect it may have little effect (note that despite today’s cut, the peso was up 0.5% versus the dollar, to 41.19/USD) given the ‘unlimited’ nature (and therefore massive potential size) of the Fed’s current round of QE," it added.

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