{"id":9977,"date":"2025-03-20T02:21:32","date_gmt":"2025-03-20T01:21:32","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9977"},"modified":"2025-03-20T02:21:32","modified_gmt":"2025-03-20T01:21:32","slug":"bsp-expected-to-lower-interest-rates-in-april-says-recto","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/20\/bsp-expected-to-lower-interest-rates-in-april-says-recto\/","title":{"rendered":"BSP Expected to Lower Interest Rates in April, Says Recto"},"content":{"rendered":"\n<p class=\"p2\"><span class=\"s3\">ADDITIONAL monetary relaxation<\/span> <span class=\"s5\">will <\/span><span class=\"s6\">be required to spur economic advancement, Finance Secretary<\/span><span class=\"s5\"> Ralph G. Recto stated, noting a significant possibility that the central bank will lower rates next month.<\/span><\/p>\n<p class=\"p3\"><span class=\"s6\">\u201cEqually significant, I reckon, is the decrease of interest rates. It seems that, since inflation has been managed in the Philippines\u2026 there is potential for a rate reduction in our upcoming (meeting),\u201d Mr. Recto, who also serves as a Monetary Board member, informed Bloomberg during a televised discussion on Wednesday.<\/span><\/p>\n<p class=\"p3\"><span class=\"s7\">\u201cThere\u2019s a strong chance that we might enact a rate reduction <\/span><span class=\"s8\">also for our forthcoming meeting,\u201d he <\/span><span class=\"s7\">remarked.<\/span><\/p>\n<p class=\"p3\"><span class=\"s6\">The Monetary Board is scheduled to conduct its next rate-setting conference on April 10. <\/span><\/p>\n<p class=\"p3\">The central bank paused its easing measures last month as it unexpectedly maintained the key rate at 5.75%.<\/p>\n<p class=\"p3\"><span class=\"s3\">This came after it lowered rates across three consecutive meetings late last year, resulting in a total of 75 basis points (bps) in rate reductions.<\/span><\/p>\n<p class=\"p3\">Mr. Recto mentioned that there is potential for as much as 75 bps of rate reductions this year.<\/p>\n<p class=\"p3\"><span class=\"s3\">\u201cIdeally, at a minimum of 50 bps and possibly 75 bps (cuts), for the year that will aid in driving growth, consumption, and investments forward,\u201d he added.<span class=\"Apple-converted-space\">\u00a0 \u00a0<\/span><\/span><\/p>\n<p class=\"p3\"><span class=\"s9\">Lowering borrowing expenses could contribute at least 0.5% growth to gross <\/span><span class=\"s3\">domestic product (GDP), he noted. <\/span><\/p>\n<p class=\"p3\"><span class=\"s9\">\u201cIf we could decrease it over the next two years by 150 bps, (it would likely be) even more significant. Over the past decade, we have grown at an average of 6.4% when rates hovered around <\/span><span class=\"s3\">3.4% to 3.9%. (Our) policy rate <\/span>is 5.75%,\u201d the Finance chief articulated.<\/p>\n<p class=\"p3\">Mr. Recto expressed that further rate cuts, together with supporting investments, could elevate Philippine growth to 7% \u201cor even more in the future.\u201d<\/p>\n<p class=\"p3\">For this year, Mr. Recto affirmed that the Philippines will achieve its growth objectives.<\/p>\n<p class=\"p3\">\u201cWe\u2019re quite confident that we\u2019ll reach at least 6% growth. The World Bank, the IMF (International Monetary Fund), and numerous other entities are indicating that we\u2019re on course for 6%,\u201d he mentioned, citing the nation&#8217;s robust macroeconomic fundamentals, low unemployment, and ongoing investment in infrastructure.<\/p>\n<p class=\"p3\">\u201cWe also have elections occurring right now and during elections, there is increased spending, hence we are quite confident we\u2019ll achieve at least 6% this year,\u201d Mr. Recto continued.<\/p>\n<p class=\"p3\">The government aims for 6-8% growth for this year through 2028.<\/p>\n<p class=\"p3\">The GDP of the Philippines grew at a slower-than-anticipated 5.2% in the fourth quarter, resulting in a full-year growth of 5.6%. This fell short of the government\u2019s revised 6-6.5% full-year goal.<\/p>\n<p class=\"p3\">Despite challenges stemming from a slowdown in global growth, Mr. Recto remarked that the Philippine economy is primarily fueled by consumption.<\/p>\n<p class=\"p3\"><span class=\"s10\">\u201cTo date, our BPO industry is expanding. Our remittances from overseas Filipino workers continue to rise. We hope that these challenges do not impact that as well. Tourism is also improving,\u201d he noted.<\/span><\/p>\n<p class=\"p3\"><span class=\"s10\">The recent arrest of former President Rodrigo<\/span> R. Duterte is also not anticipated to undermine investor confidence.<\/p>\n<p class=\"p3\">When questioned about the potential for political unrest following his arrest, Mr. Recto responded: \u201cWe do not foresee that occurring. Zero.\u201d<\/p>\n<p class=\"p3\">\u201cThat has no bearing on our macroeconomic fundamentals. Initially, there was a slight decline in the stock market, but very muted, however, the peso appreciated on the day of his arrest,\u201d he remarked.<\/p>\n<p class=\"p3\">\u201cIt may also indicate that the international community is observing how crucial the rule of law is to us, and it is part of governance as well.\u201d<\/p>\n<p class=\"p3\">Mr. Duterte, who governed the Philippines from 2016 to 2022, was apprehended under an International Criminal Court (ICC) warrant on allegations of crimes against humanity.<\/p>\n<p class=\"p5\"><b>FISCAL STRATEGY<br \/>\n<\/b>Concurrently, the Finance chief indicated that the government is progressing with fiscal consolidation efforts.<\/p>\n<p class=\"p3\">\u201cWe are on the right track. We exceeded our revenue goals. Last year, we achieved the highest revenue-to-GDP ratio in the past 27 years. That\u2019s very impressive.\u201d<\/p>\n<p class=\"p3\"><span class=\"s3\">Recent figures from the Treasury revealed that the National Government (NG) recorded a P68.4-billion budget surplus in January, 22.27% lower than the P88-billion surplus a year earlier.<\/span><\/p>\n<p class=\"p3\"><span class=\"s3\">By the end of 2024, the deficit as a portion of GDP settled at 5.7%, down from 6.2% at end-2023. The NG aims to reduce the deficit-to-GDP ratio to 5.3% this year and further to 3.7% by 2028.<\/span><\/p>\n<p class=\"p3\">The Finance department will also persist in privatizing underutilized state assets, such as the Caliraya-Botocan-Kalayaan hydroelectric power facility.<\/p>\n<p class=\"p3\">\u201cWe\u2019re also making it accessible for retail investors, as there are many government assets that are nonperforming, and it incurs costs for the government to maintain them, so it\u2019s better to privatize those.\u201d<\/p>\n<p class=\"p3\">\u201cEven small properties that are acquired by the private sector or individual investors could generate greater value for the economy.\u201d<\/p>\n<p class=\"p3\">These privatization initiatives are anticipated to yield around P100-billion in revenues. \u2014 <b> Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bworldonline.com\/top-stories\/2025\/03\/20\/660450\/bsp-rate-cut-likely-in-april-recto\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ADDITIONAL monetary relaxation will be required to spur economic advancement, Finance Secretary Ralph G. Recto stated, noting a significant possibility that the central bank will lower rates next month. \u201cEqually significant, I reckon, is the decrease of interest rates. It seems that, since inflation has been managed in the Philippines\u2026 there is potential for a<\/p>\n","protected":false},"author":3,"featured_media":9978,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[1773],"class_list":["post-9977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-bsp-rate-cut-likely-in-april-recto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BSP Expected to Lower Interest Rates in April, Says Recto - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/20\/bsp-expected-to-lower-interest-rates-in-april-says-recto\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BSP Expected to Lower Interest Rates in April, Says Recto - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"ADDITIONAL monetary relaxation will be required to spur economic advancement, Finance Secretary Ralph G. 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