MANILA -- The Philippine central bank continued its monetary easing cycle, cutting its policy rate by 25 basis points to 5.5% on Thursday in the wake of the developing U.S. trade war.
The move on Thursday marked the first for a central bank in Southeast Asia after U.S. President Donald Trump announced "Liberation Day" last week, jacking up tariffs on goods imported into the U.S., raising fears of a global recession and rattling global stock markets. Central banks in India and New Zealand lowered their interest rates Wednesday.
.JPG?width=178&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto&height=100)