The interest rates on overnight lending and deposit facilities were reduced to 4.25 percent for overnight lending and 3.25 percent for deposit facilities.
In justifying the preemptive rate cut, the central bank chief said prospects for global economic growth have weakened further amid geopolitical tensions. He also noted that the spread of the deadly novel coronavirus could have an adverse impact on economic activity and market sentiment in the coming months.
“Meanwhile, the risks to the inflation outlook continue to tilt slightly toward the upside in 2020 and toward the downside in 2021,” Diokno said.
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