Interest rates on the overnight deposit and lending facilities were adjusted to 5.5% and 6.5%, respectively
This is AI generated summarization, which may have errors. For context, always refer to the full article.Jire Carreon/Rappler
“The Monetary Board’s decision is based on its assessment that price pressures remain manageable,” BSP Governor Eli Remolona Jr. said in aThe BSP plays a key role in managing inflation. When its policy rates are high, interest rates of banks also increase, discouraging the public from taking out loans and slowing down consumer spending.
Just last September, however, the country posted its lowest inflation rate in 4 years, easing to 1.9%. The main contributors to the downtrend in inflation were food and non-alcoholic beverages and transport .Inflation drops to over 4-year low of 1.9% in September 2024 However, its inflation outlook for 2025 and 2026 has increased to 3.3% and 3.7%, respectively. This is still within the government’s target range of 2% to 4%, but slightly higher than the central bank’s previous outlook of 2.9% for 2025 and 3.3% for 2026.
Interest Rate Business Economy &Amp Governance
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