Economics
Philippines Cuts Key Interest Rate in Surprise to Economists
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The Philippine central bank cut its key interest rate in a surprise move after the economy contracted more than expected in the third quarter.
Bangko Sentral ng Pilipinas lowered its benchmark rate Thursday by 25 basis points to 2.0%, as only five of 18 analysts in a Bloomberg survey expected. Thirteen had forecast the rate to remain on hold. The latest move brought the total rate reduction this year to 200 basis points.