Philippine central bank cut interest rates by 25 basis points
Philippine central bank announced yesterday that the bank cut the benchmark interest rate by 25 basis points. After reduction, the overnight deposit and lending rates of Philippine bank were 4.5% and 6.5% respectively. This is for the 4th time to cut the benchmark interest rate of the central bank since December last year, the cumulative rate cut of 1.5 percentage points, of which the overnight deposit rate has dropped the lowest point since in May 1992.
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