Philippines cuts to 17-year low

The Central Bank of the Philippines has cut its main policy rates by 25 basis points, taking the overnight borrowing rate to new lows of 4.25%.

The move, announced on 28 May, is the fifth consecutive rate cut since December 2008, and brought rates to a 17-year low.

The decision came just hours after the government said the economy shrank by a seasonally-adjusted 2.3% from the previous quarter.

The central bank called on the government to help to stimulate the economy, which has been hit by colla

To continue reading...