The Central Bank of the Philippines monetary board cut policy rates on November 18, to the surprise of some observers.

The board reduced the overnight reverse repurchase facility by 25 basis points to 2%. It also cut the rate on the overnight deposit, and lending facilities were cut to 1.5% and 2.5% respectively. Overall, the central bank has reduced its policy rates this year by 200bp.

“There remains a critical need for continuing policy support measures to bolster economic activity and boost

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