Emerging market economies continue their trend to spur on growth rather than fight possible QE-induced inflation, with the Philippines cutting rates earlier today.

The Philippines’ central bank cut overnight rates by 25 bps to a new low of 3.5 percent for the borrowing window and 5.50 percent for the lending facility, a move helped by annual inflation at the lower end of the country’s 3 to 5 percent target band.

In fact, analysts and even central bankers in Asia appear less worried about the possible effects of the easy money sloshing around the world just now than regions like Latin America.

As Thailand’s central bank governor Prasarn Trairatvorakul told Reuters in an interview last month about the possible effects of QE3:

Part of those funds will spill over into our part of the world, I don’t think it will be as strong as during QE2