BSP sees ‘greater leeway’ for policy decision after Fed’s rate cut

MANILA, Philippines – The Philippine central bank sees enhanced flexibility for its monetary policy decisions following the United States Federal Reserve’s move to further reduce interest rates.

Bangko Sentral ng Pilipinas (BSP) governor Amando M. Tetangco Jr said the Fed’s reduction of rates to zero to 0.25 percent will benefit economies outside the United States.

“The Fed move, to the extent it would be effective in spurring credit extensions by the private sector, would be positive for the rest of the economies in the world, including the Philippines,” Tetangco said in a text message sent to reporters on Wednesday. Along with easing inflationary pressures, the Fed cut has given the Philippine central bank “greater leeway in monetary policy.”…

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