The Philippines' central bank unexpectedly reduced its key interest rates by 25 basis points on Thursday, for the fourth time this year and signaled further reduction to support economic growth.
The Monetary Board of the Bangko Sentral ng Pilipinas, headed by Governor Eli Remolona, decided to reduce the policy rate by 25 basis points to 4.75 percent. The bank was expected to hold the rate at 5.00 percent. The bank has lowered the rate by 25 basis points each in April, June, August and October.
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