Philippines cuts rates to 15-year low

The Central Bank of the Philippines's rate-setting board voted on Thursday to lower its benchmark key policy rate to 5.5%, the lowest level for 15 years.

"In deciding to cut policy rates further, the board considered the continuing benign inflation outlook," the central bank said. Liquidity growth slowed, inflationary pressures from the agricultural sector diminished, wage adjustments would have little impact and inflation expectations remained well-anchored.

The central bank added that upside

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