BSP no off-cycle cut, ready for COVID-19 impact

BSP Governor Benjamin Diokno stated that there will be no off-cycle rate cut following the US Federal Reserve's emergency half-point reduction.

The BSP acknowledged the potential negative impact of the COVID-19 outbreak on the Philippine economy but emphasized readiness to implement measures if necessary.

Market watchers anticipate further monetary easing by the BSP at its next policy meeting on March 19, as the virus' effects worsen.

Diokno noted that the Monetary Board has room for additional interest rate cuts due to successfully taming inflation and aims to support market confidence.