MANILA — The Philippine central bank is open to cutting rates at its first policy meeting in 2025, and is monitoring global policy and geopolitical developments that could stoke inflation, Bangko Sentral ng Pilipinas Governor Eli Remolona said on Friday.
The BSP’s policy-making Monetary Board will meet six times next year to set the benchmark rate, although the schedule is yet to be finalized, Remolona said.
“We will be comfortable with just baby steps in terms of easing or not easing,” he said in a Bloomberg TV interview.
On the Philippine peso, the central bank saw the current weakness as driven by U.S. dollar strength and is more concerned about volatility than longer-term depreciation, Remolona said.
The peso closed at a record-low 59 per dollar on Thursday, after the central bank cut its key interest rate by 25 basis points to 5.75% as expected.
—Reporting by Neil Jerome Morales; Editing by John Mair
