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Manila Bulletin devider Philippines devider National devider Marcos, BSP chief discuss rate cuts, outlook as easing cycle nears end

Marcos, BSP chief discuss rate cuts, outlook as easing cycle nears end

Published Jan 21, 2026 02:32 pm
File photo of President Ferdinand 'Bongbong' Marcos Jr.'s meeting Bangko Sentral ng Pilipinas Governor Eli Remolona in Malacañan. (PCO)
File photo of President Ferdinand 'Bongbong' Marcos Jr.'s meeting Bangko Sentral ng Pilipinas Governor Eli Remolona in Malacañan. (PCO)
President Marcos met with Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. in Malacañang to discuss the central bank’s recent interest rate cut and the country’s near- to medium-term economic outlook.
During the meeting on Tuesday, Jan. 20, Remolona briefed the President on the Monetary Board’s decision in December to reduce the BSP’s key policy rate to 4.5 percent from 4.75 percent in October 2025.
The Monetary Board also lowered the interest rate on overnight deposits to 4 percent from 4.25 percent and cut the overnight lending rate to 5 percent from 5.25 percent.
The BSP said its latest assessment shows economic growth remaining modest through the first semester of 2026.
Growth is expected to rebound in 2027, partly supported by the cumulative effects of earlier monetary policy easing, according to the central bank.
The Monetary Board has signaled that the current easing cycle is nearing its end.
According to Malacañang, the meeting also took note of the World Bank’s outlook, which sees Philippine economic growth recovering over the next two years.
The World Bank said private consumption could strengthen if inflation remains low, employment stays firm, and lower interest rates encourage spending and investment.
It also expects investments to pick up as public infrastructure projects resume and recent liberalization measures improve the business environment.
For growth to be sustained over the long term, the World Bank said low- and middle-income regions should continue expanding faster than Metro Manila.

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President Marcos Bongbong Marcos Eli Remolona Jr. Bangko Sentral ng Pilipinas
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