MANILA, Philippines — Cutting borrowing costs by 150 basis points in two years is possible, but it will be “too aggressive” based on the economy’s current growth trajectory, according to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.
Asked for comment, Finance Secretary Ralph Recto told The STAR that the views of the BSP governor would guide the Monetary Board’s plans moving forward. “They can cut rates first, but we can cut rates first as well,” he said, adding that future policy moves from both the BSP and the Fed would depend on the data.
He noted that year to date, the Malaysian ringgit dropped by 2.4 percent against the greenback and the South Korean won fell by 6.8 percent during the same period.
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