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Philippine central bank says next policy rate cut may happen in second-quarter

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02/14/2020 | 04:22am EST

The Philippine central bank is not in a hurry to reduce interest rates, with the next 25 basis point cut to happen in the second quarter or in the second half of the year, its governor said on Friday.

"We are happy where we are now", Bangko Sentral ng Pilipinas Governor Benjamin Diokno told reporters.

The central bank cut its interest rates <PHCBIR=ECI> by 25 basis points on Feb. 6, the fourth such move since it began unwinding policy rate hikes totalling 175 basis points in 2019, to support growth.

Diokno repeated that he "promised 50 bps cut this year".

(Reporting by Karen Lema; Editing by Hugh Lawson)

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