"The monetary board approved a further reduction in BSP policy rates for the thirteenth time during the year. Effective Monday, 10 may 1999, the RRP rate and the RP rate will be reduced by another 12.5 basis points to 10.125 percent and 12.125 percent, respectively, from their previous levels of 10.250 percent and 12.250 percent. This move brings the cumulative reduction in both RRP and RP rates since the start of the year to 325.0 basis points from 13.375 percent and 15.375 percent, respectively."
"The series of cuts in the BSP’s policy rates demonstrates the monetary authorities’ commitment to induce a further decline in interest rates and encourage the resumption of credit growth. This in turn, is expected to accelerate the recovery of the real sector consistent with the national government’s growth objectives for the year."