The Philippine central bank mentioned that it will publish an overnight rate on its website that can serve as a market reference with the global discontinuation of the LIBOR. The new rate will use the secondary market rate on the 28-day central bank bill to compute an overnight rate equivalent. This move is part of a broader initiative to enhance the bank’s overnight reverse repurchase facility. Furthermore, the central bank may consider a key interest rate cut if inflation falls below the upper limit of its 2%-4% target range. Data shows inflation eased to a 13-month low of 5.4% in June, potentially allowing the central bank to maintain a pause in its key rate.