The Philippines may cut interest rates for the first time since July 2009, joining nations from Australia to Thailand in easing monetary policy as Europe’s debt crisis curbs economic growth.

Bangko Sentral ng Pilipinas will reduce the rate it pays lenders for overnight deposits by a quarter of a percentage point to 4.25 percent, according to 13 of 17 economists surveyed by Bloomberg News ahead of a decision tomorrow. The rest expect the benchmark to be left unchanged at 4.5 percent.

Lower borrowing costs may aid President Benigno Aquino’s efforts to boost growth as he increases spending and seeks investment for roads and airports. The Philippine Stock Exchange Index (PCOMP) rose to a record this month and became the best performer among 19 Asian share indices tracked by Bloomberg in the past six months as investors bet policy makers will take steps to stimulate growth and counter faltering global demand.

“Conditions are right for the cut,” said Trinh Nguyen, a Hong Kong-based economist at HSBC Holdings Plc. “Across Asia, inflation is on the downward trend. Growth concerns are enough to motivate the BSP to give a lending hand.”