BSP Cuts Interest Rates Amidst Coronavirus Pandemic

Bangko Sentral ng Pilipinas (BSP) cuts key interest rates in response to the economic impact of the coronavirus pandemic.

The Monetary Board decided to reduce the overnight reverse repurchase rate, overnight deposit facility rate and overnight lending rate by 50 basis points effective March 20th.

In addition to cutting interest rates, the BSP also relaxed regulations on compliance reporting for banks, penalties on required reserves, and single borrower limits as part of a broader relief package.