The Monetary Board (MB) has decided yesterday to reduce the Bangko Sentral ng Pilipinas (BSP)’s key policy interest rates by 25 basis points to 4.25 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6.25 percent for the overnight lending or repurchase (RP) facility, effective immediately.
The interest special deposit accounts (SDAs) were also reduced accordingly.
The MB’s decision is based on its assessment that the inflation outlook remains comfortably within the target range, with expectations well-anchored.
Latest baseline forecasts indicate that average annual inflation rates are likely to fall within the lower half of the 3 to 5 percent target range up to 2013.
Pressures on global commodity prices are seen to continue to abate amid weaker global growth prospects. However, the impact of strong capital inflows on domestic liquidity and the effect of geopolitical tensions in the Mena region on global oil supplies will continue to pose upside risks to inflation.
At the same time, the MB considers the overall balance of global economic activity to be tipping toward a further slowdown. Although the US economy has been showing signs of improvement, it remains vulnerable to financial market volatility amid continued concerns about long-term fiscal sustainability.
Meanwhile, the Euro area economy is notably weaker with interlocking sovereign debt and banking problems weighing down on global sentiment. Amid these developments, the Philippine economy is likely to face external headwinds in 2012.
While the Philippine economy continues to expand, sustained domestic spending is expected to compensate for weaker external demand.
Given these considerations, the MB has concluded that the benign inflation outlook allowed some scope for a reduction in policy rates to help boost economic activity and support market confidence.
The BSP shall continue to monitor emerging demand and price developments to ensure that monetary policy settings remain supportive of non-inflationary economic growth.
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
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Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
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Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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