Philippine monetary board cuts rates by anew, defends governor

In another aggressive move, the Philippine monetary board lowered key interest rates by another 50 basis points even as Bangko Sentral (central bank) defended its governorÆs right to the post.
February 09, 2001

The rate cuts will be effective from Monday, 12 February. This recent action brings the cumulative reduction to 400 points since 4 December 2000, wiping out all the rate increases since 13 October, when the peso tumbled at intensifying news of Estrada’s alleged involvement in gambling and corruption.

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