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Philippine Central Bank Cuts Rate Unexpectedly

The Philippine central bank lowered its interest rate unexpectedly by 50 basis points, on Thursday.

The Monetary Board of the Bangko Sentral ng Pilipinas, or BSP, slashed the overnight reverse repurchase facility rate by 50 basis points to 2.25 percent. The bank was expected to leave its rate unchanged.

The bank had reduced its rate by 50 basis points each in April and March and by 25 basis points in February.

The rates on overnight deposit and lending facilities were lowered to 1.75 percent and 2.75 percent, respectively.

The central bank said the balance of risks to the inflation outlook leans toward the downside from 2020 up to 2022 owing largely to the potential impact of a deeper and more disruptive pandemic on domestic and global demand conditions.

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