BSP plans 2 more interest rate cuts this year 

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said at least two more rate cuts are on the table this year, according to a report by Philippine News Agency.

"So far the hard data says we have plenty of room to cut especially since inflation is low, " Remolona said in a briefing at the BSP office in Manila on Friday.

Headline inflation fell to 1.4 percent in April this year, the lowest recorded since November 2019.

Remolona said non-monetary measures imposed by the government helped lower inflation.

"We find that what we call the non-monetary measures that the administration is putting in place, they seem to help with inflation," he said.

The government earlier launched the PHP20 per kilo rice initiative in a bid to provide affordable rice to consumers.

The Department of Agriculture has also vowed to intensify the government sale of pork at a cheaper price.

Amid easing inflation, the BSP has so far reduced interest rates by a total of 100 basis points since last year.

Remolona, however, noted that the reduction is not necessarily consecutive and will be 25 basis points per meeting.

"We still have to be careful because we don't want to cut too much. If we cut too much to the point where our demand exceeds our capacity then that will be inflationary," Remolona said.