The Central Bank of the Philippines maintains the overnight borrowing rate at 3.5%, in line with market expectations.
Data shows that today's Philippine economic indicators are disappointing. Although the economy grew by 7.8% in the first quarter, the unemployment rate in April rose to 7.5%, the highest in three years. April's export value fell by 13% year-on-year to $4.04 billion, and there was a net outflow of $78 million in foreign direct investment in March, the first occurrence in over a year.
The Philippine PSE index fell by over 5% today, following the trend in Asian markets.
