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.
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