RP trims key interest rates

RP trims key interest rates

MANILA (AFP): The Central Bank of the Philippines said Tuesday it had lowered key short-term rates by 0.375 percentage points.

The overnight borrowing rate was reduced from 13.375 percent to 13 percent while the overnight lending rate was cut from 15.375 percent to 15 percent.

The cut in short-term rates followed a fall in benchmark Treasury bill rates and the stabilization of the local currency in recent weeks.

The Central Bank cut these rates by an eighth of a percentage point in December.