Philippines cuts again as inflation abates

The Central Bank of the Philippines cut rates by half a point for the second month in a row on Friday, citing a shift in the inflation outlook.

The cut, expected by most analysts, leaves the benchmark repo rate at 5%. The reverse repo rate was also cut by half a point to 7%.

The central bank said that the balance of risks to inflation had tilted to the downside due to commodity-price falls, the slowdown in core inflation, significantly lower inflation expectations and moderating demand. Some