Philippines cuts rates to 5.25%

The Central Bank of the Philippines's rate-setting board voted on Thursday to reduce its benchmark overnight borrowing rate to 5.25%. The decision marks the third rate cut in a row for the central bank.

The central bank said: "In deciding to cut policy rates, the board noted that the inflation outlook continues to provide scope for further monetary policy easing."

Inflation for 2007 is expected to fall well below the 4% to 5% target range and to within a percentage point of 4% in 2008. Modest

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