Philippine stocks up after BSP cuts rates

The Philippine stock market closed positively on Friday after the Bangko Sentral ng Pilipinas (BSP) cut its policy rates by 50 basis points.

The PSEi rose by 4.78%, or 264.37 points, to end at 5,789.97, while the All Shares index increased by 3.62% or 122.3 points to close at 3,492.43.

The BSP's decision was aimed at supporting the economy during the COVID-19 pandemic.

Investors welcomed the rate cut as a measure to keep the local economy afloat.