BSP governor says rate cuts will not happen at every meeting

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Facade of the Bangko Sentral ng Pilipinas in Manila. (BSP/Released)

MANILA — The Philippine central bank governor said on Friday rate cuts between monetary policy meetings are unlikely and easing will not happen at every meeting.

READ: BSP cuts policy rate, signals more cuts

Governor Eli Remolona told Bloomberg television he was not sure how many more rate cuts there would be this year. He said Philippines has not been intervening in the foreign exchange market more than usual this week and was looking at diversifying foreign reserves, not reducing them.

—Reporting by Mikhail Flores and Karen Lema; Writing by Martin Petty