(Bloomberg) — The Philippine central bank is on course for more rate cuts, Governor Eli Remolona said Tuesday, even as Donald Trump’s win has cast uncertainty over the global economy and policy rate path.

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Another quarter-point reduction in the key rate is still on the table for December, possibly followed by 100 basis points in cumulative cuts next year, Remolona told reporters at an event in Cebu.

“We’re still in the easing cycle,” the Bangko Sentral ng Pilipinas governor said, repeating that rate reductions will likely be done in quarter-point increments.

Remolona is signaling a sustained monetary easing cycle even after Trump’s win in the US presidential elections could upend the Fed’s policy calculus. Expectations of a Fed rate cut next month have been pared back, after Chairman Jerome Powell signaled no rush to further lower rates.

The BSP chief sees inflation staying within the 2%-4% target this month, giving authorities leeway for easing. He also said the central bank has been intervening “a little bit” in the foreign exchange market, adding that a depreciation in the currency, unless sharp, won’t be necessarily inflationary.

“We monitor the swings that take place over a few months, not daily,” Remolona said.

The Philippine peso has lost almost 1% this month, nearing its record low of 59 to a dollar, amid Trump’s threat of steep tariffs.

–With assistance from Ditas Lopez.

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