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Over in Manila, the Philippines central bank has cut interest rates despite trade war concerns.

The Bangko Sentral ng Pilipinas lowered its overnight target reverse repurchase rate by 25 basis points (a quarter of one percentage point) to 5% today, in line with expectations.

Meanwhile, possible electricity rate adjustments and higher rice tariffs could raise inflationary pressures over the policy horizon.

The Monetary Board observed that domestic demand has held firm. However, the impact of US policies on global trade and investment continue to weigh on global economic activity. This could temper the outlook for the Philippine economy.