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THE DEVELOPMENT Bank of Singapore has recommended that the Bangko Sentral ng Pilipinas cut its key policy rates to help spur the economy.

DBS said in its latest discussion paper on the Philippines that a looser monetary policy would be a welcome development for the economy, especially as the BSP had already cut the banks' reserve requirements.

"It now remains to be seen if the central bank will follow up with an interest rate cut, which we think would be helpful in providing stimulus to the weakening economy," DBS said.

The BSP's key policy rates stand at 6 percent for borrowing and 8 percent for lending. The central bank did not change the rates during the Monetary Board's policy meeting last month after implementing a series of rate hikes from June to September.

The Monetary Board is scheduled to meet again on Nov. 20.

• Gov't banks want 50% buffer rule eased
• Asian forex reserves shrink $119B
• American Express now a bank holding firm

• S&P affirms RP ratings, stable outlook
• Banks still get to boost lending
• Thrift bank up for sale
• BSP ready to act to counter downturn
• Focus backs out of Tindalo venture
• BSP wants cover for forex losses
• GMA 7 expanding overseas
• IPP contracts sale pushed
• Mobile money exchange scheme launched
• Lodestar, OVMPC sign deal