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Philippine central bank trims key interest rates for 4th time in 2012

MANILA -- The Philippine central bank trimmed its key interest rates by a further 25 basis points Thursday, saying the domestic economy needs a further boost to override weak global demand.

The fourth rate cut this year brought the cumulative reduction over the period to one percentage point, said bank governor Amando Tetangco.

“World economic conditions are likely to remain tepid as fiscal and financial-sector stresses in advanced economies continue to dampen market confidence,” he said.

“The domestic underpinnings of Philippine economic growth remain firm. However, additional policy support could help ward off risks associated with weaker external demand by encouraging investment and consumption.”

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