The BSP cut the overnight borrowing rate thrice this year for a total of 75 basis points, bringing it to 4 percent. It also slashed 400 basis points off the RRR or reserve requirement ratio for banks.
Inflation crept up to 1.3 percent in November due to the waning effect of a high base from the previous year. It was still below the central bank's 2 to 4 percent target. While global economic growth is expected to be slower in the coming year, Diokno said the country's economy remains strong thanks to domestic consumption, government spending and recent rate cuts.
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