菲律宾央行下调关键政策利率至5.0% 系年内第三次降息

Core Points - The Bangko Sentral ng Pilipinas (BSP) has lowered the key policy rate by 25 basis points to 5.0%, marking the third rate cut this year [1][2] - The overnight deposit and lending rates have been adjusted to 4.50% and 5.50%, respectively, following previous cuts in April and June [1] - Since last year, the BSP has cumulatively reduced the key policy rate by 150 basis points [1] Inflation Outlook - The BSP maintains a stable inflation outlook, with the 2025 inflation forecast slightly increased to 1.7% from 1.6% [1] - The inflation expectations for 2026 and 2027 remain at 3.3% and 3.4%, respectively, consistent with previous forecasts [1] - Potential adjustments in electricity prices and changes in rice tariff policies may increase inflationary pressures [1] Economic Context - Despite strong domestic demand, external factors, particularly the spillover effects of U.S. trade policies, are expected to exert downward pressure on the Philippine economy [1] - The Philippine government has suspended all rice imports for 60 days starting September 1 to protect local farmers, while the Department of Agriculture has recommended restoring the rice import tariff from 15% back to 35% [1] - BSP Governor Remolona expresses optimism about the economic stimulus effects of the rate cuts and does not rule out the possibility of another 25 basis point cut later this year [2]