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The central bank of the Philippines left its key overnight reverse repurchase rate unchanged at 4 percent on November 14th 2019, in line with market expectations. It follows a 25bps cut in the previous meeting. Policymakers said domestic demand is firm while the average inflation for 2019 is seen lower at 2.4 percent (2.5 percent earlier). For 2020-2021, average inflation is seen unchanged at 2.9 percent, although upside pressures for 2020 are expected due to the impact of the African Swine Fever outbreak on food prices and potential volatility in oil prices amid geopolitical tensions in the Middle East.

The central bank of the Philippines cut its overnight reverse repurchase facility by 25bps to 4 percent on September 26th 2019, as widely expected. It is the third slash so far this year and follows a 25 bps cut in the previous meeting, aiming to boost sluggish economy. Policymakers said that the decision is based on its assessment that price pressures have slowed further since the previous meeting and added that the benign inflation outlook provides room for a further reduction in the policy rate.

The central bank of the Philippines lowered its overnight reverse repurchase facility by 25bps to 4.25 percent during its August meeting, saying inflation expectations have moderated further amid weakening global growth. Meanwhile, data showed the country's economic growth slowed to an over four-year low in the second quarter of the year. Policymakers also noted that the benign inflation outlook provides room for a further reduction in the policy rate.

The central bank of the Philippines left its key overnight reverse repurchase facility rate unchanged at 4.5% on its June 20th 2019 meeting, while markets had expected it at 4.25%. Policymakers said the decision remains consistent with the manageable inflation outlook and firm domestic growth prospects, unveiling that a prudent pause allows it to observe and assess the impact of prior monetary adjustments. The bank noted the uptick in inflation to 3.2% in May from 3% in April, which is likely to be temporary and still within the 2-4% target range. Also, the BSP cut its inflation forecasts for 2019 to 2.7% from 2.9% and for 2020 to 3% from 3.1%, amid declining oil prices and the prospect of a stronger peso.

The central bank of the Philippines lowered its key overnight reverse repurchase facility rate by 25bps to 4.5 percent on its May 5th 2019 meeting, as widely expected. It is the first rate cut since May 2016, reversing 175 bps rate hikes last year. Policymakers said that the decision remains consistent with the price stability objective and added that the risks to the inflation outlook are broadly balanced. The Committee noted the impact of the budget delays on near-term economic activity and said that prospects for domestic demand remain firm.

The Philippine central bank left its key overnight reverse repurchase facility rate unchanged at 4.75 percent on March 21st 2019, as widely expected. Policymakers said that the decision remains consistent with the price stability objective and that they will continue to monitor developments affecting the inflation outlook.