This is from alibaba.com.
This is no doubt an attempt to stave off a possible recession a fate that so far the Philippines has escaped although growth has slowed considerably. The interest rate is still high relative to the United States and Canada I should think although it would be bargain for credit card interest!
Philippine says easier monetary policy will lift growthPublished: 30 May 2009 17:48:34 PST
MANILA, May 28 - An easier monetary policy will help support growth in the Philippine economy, which is now teetering on the brink of recession, the socio-economic planning chief said on Thursday.
"Loosening monetary policy will help clearly," Secretary Ralph Recto told reporters.
The Philippine central bank will hold a policy meeting later on Thursday and the market expects a cut of at least 25 basis points to 4.25 percent for the overnight borrowing rate, a fresh 17-year low. [ID:nMAN4866085]
The policy announcement is expected shortly after 0800 GMT.