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Philippines cuts interest rates to record low due to COVID-19

The Philippine central bank on April 16 lowered its interest rates by 50 basis points to 2.75 percent, the lowest on record, to keep the economy afloat amid the COVID-19 pandemic.
Philippines cuts interest rates to record low due to COVID-19 ảnh 1People in Manila, the Philippines, wear face masks to prevent the spread of coronvirus (Photo: VNA)

Hanoi (VNA) –The Philippine central bank on April 16 lowered its interest rates by 50 basispoints to 2.75 percent, the lowest on record, to keep the economy afloat amidthe COVID-19 pandemic.

This is the third timethe Bangko Sentral ng Pilipinas has cut its interest rates this year.

Earlier, the bank hadreduced its interest rates by 25 basis points in February and then 50 more basis pointsin March.

The new rate cut willtake effect from April 17.

According to theworldometers.info statistics website, as of April 16 afternoon, the SoutheastAsian country confirmed 5,660 COVID-19 cases, including 362 deaths./.
VNA
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