Citing a weaker growth outlook amid infrastructure spending issues stemming from the misuse of public funds, especially on “ghost” flood control projects, the Bangko Sentral ng Pilipinas (BSP) on Thursday, Oct. 9, decided to reduce the key interest rate by 25 basis points (bps) to 4.75 percent from five percent previously.
This brought the trimmed rate back to the same level as September 2022, which was its lowest before a series of rate hikes to a peak of 6.5 percent was delivered.
BSP Governor Eli M. Remolona Jr.
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