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The Bangko Sentral ng Pilipinas (BSP) has left no stone unturned in its attempt to provide stimulus. The cumulative cut in the RRP so far this year reach 125bp, per ANZ Bank. USD/PHP is trading at 50.8405.

Key quotes

“In an unscheduled meeting today, the BSP cut its overnight reverse repurchase rate (RRP) by 50bps to 2.75%.” 

“We cannot rule out additional easing. At the very least, another 200bps cut in the reserve requirement ratio is forthcoming, in our view.”