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Economy

Philippine central bank cuts rates for first time in four years

Bangko Sentral ng Pilipina chief hints at more easing ahead despite inflation

The central bank's monetary board has two more meetings scheduled for this year.   © Getty Images

MANILA -- The Philippine central bank decided to cut its key policy rate by 25 basis points during a policy meeting on Thursday, kicking off a much-awaited loosening cycle to support the economy.

The first rate cut since November 2020 came with market expectations coming in across a wide divide. According to a Reuters poll released on Tuesday, 13 of 24 economists projected the bank to stand pat, with the remainder expecting a rate cut.

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