• Sun. Aug 14th, 2022

The Bangko Sentral ng Pilipinas kept interest rates unchanged as it continues adopting an accommodative stance amid the COVID-19 pandemic.

Aug 12, 2021

Metro Manila (CNN Philippines, August 12) The Bangko Sentral ng Pilipinas kept interest rates unchanged as it continues adopting an accommodative stance amid the COVID-19 pandemic.
The Monetary Board voted to retain the key interest rate to 2%, BSP Governor Benjamin Diokno announced Thursday. Still the lowest on record, this has been the policy rate since Novembers rate cut.
Banks and other lending firms use the BSP’s rates as a benchmark for pricing loans, credit cards, and deposit rates.
The announcement comes as the national economy grew by 11.8% in the second quarter of 2021, pulling the Philippines out of recession. However, economic output fell by 1.3% from the previous quarter on a seasonally adjusted basis.
The central bank earlier said it is keen on sustaining monetary policy support as long as needed to help hasten the pace of economic recovery.