MANILA - Subdued inflation is giving the Philippines "a lot of elbow room" to cut interest if needed to cushion the impact of the coronavirus pandemic, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday.
"Given the subdued inflation, we might cut again...Right now we’re at 2.75 coming from 4 percent. We still have a lot of elbow room, I can tell you that," Diokno told ANC. A slight uptick in world oil price is not a concern, which will likely remain "moderate" for a long time, Diokno said. An increase in rice prices is temporary with planting season almost over and with the arrival of new import, he said.
Passing several fiscal stimulus bills will help the economy recover faster from the coronavirus pandemic, Diokno said. The BSP supports several bills such as stimulus package in the House of Representatives, reducing corporate income tax to 25 percent and the transfer of bad loans to asset management companies, he said.
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