BSP seen cutting rates this week

The Bangko Sentral ng Pilipinas (BSP) is expected to cut interest rates by at least 25 basis points this week, following global central bank actions amid the coronavirus pandemic.

Twelve out of thirteen analysts predict a rate cut on Thursday, March 19, with some anticipating another reduction in May.

Security Bank Corp. Chief Economist Robert Dan J. Roces expects a 25-bp cut due to disruptions caused by the NCR lockdown.

Standard Chartered Bank economist Chidu Narayanan now sees two more rate cuts of 25 basis points each, in March and May, citing downside risks to GDP growth forecasts.