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The US Federal Reserve [link] slashed interest rates by 50 basis points (bp) earlier this morning, exceeding the 25 bp consensus estimate. This is the first time rates have been cut in the US since 2020, and it comes as the Fed says that it has “greater confidence” that inflation is heading back into a normal range. In its statement, Fed officials noted that job gains have slowed, but that the Fed is “strongly committed to support maximum employment.”
The British Chamber of Commerce Philippines has welcomed the signing of the Republic Act No. 12022 or the Anti-Agricultural Economic Sabotage Act.
On Tuesday, Department of Finance Secretary Ralph Recto [link] noted the US Federal Reserve’s 50 basis point cut and said, “I think we can also do half a percent.” Mr. Recto is one of seven members of the BSP’s Monetary Board, which is the entity responsible for setting our benchmark interest rate. The Governor of the BSP, Eli Remolona, is also a member of the Monetary Board (and also its Chairman); in August, he said that the BSP had room to make a 25 bp cut in FY24, but yesterday he updated these remarks by saying that we could get two 25 bp cuts in the final two Monetary Board meetings this year.
PRESIDENT Ferdinand Marcos Jr. expressed optimism on Tuesday that the cost of rice would stabilize consistent with current prices in Southeast Asia.
MANILA, Philippines— The Bangko Sentral ng Pilipinas (BSP) on Friday said that it cut reserve requirement ratios (RRR) by 250 basis points (bps) for universal and commercial banks.
The British Chamber of Commerce Philippines (BCCP) reiterated the need to stabilize the food supply chain and manage inflationary pressures in the Philippines, noting the challenge brought by the African Swine Fever (ASF).
HONG KONG, China — Most Asian and European markets rose Tuesday but Tokyo sank more than one percent as exporters were hit by a stronger yen with traders gearing up for a bumper US interest rate cut and a key Japanese central bank meeting.
MANILA, Philippines — The Department of Social Welfare and Development (DSWD) on Monday, September 16 found itself defending a program that it did not request.