Philippine central bank cuts policy rate on virus risk, more easing seen

The Philippine central bank cut its key interest rate on Thursday to shield the ...

MANILA - The Philippine central bank cut its key interest rate on Thursday to shield the economy from the impact of the spreading coronavirus, adding it was prepared to loosen policy further to protect growth.

“The manageable inflation environment allowed room for a preemptive reduction in the policy rate to support market confidence,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno told a news conference. The epidemic has killed 563 people, including a 44-year-old Chinese man in the Philippines, the first fatality outside of China, prompting tighter travel restrictions for both Filipinos and foreigners.ING Economist Nicholas Mapa said the central bank will follow up with another rate cut, possibly at its meeting in May.

Earlier on Thursday, India’s central bank kept rates on hold but worries about the economic impact of the coronavirus outbreak has raised the chances of further monetary loosening across the region this year.

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