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Philippines cuts key rate after economy slows to 4-year low

Slowdown in Q1 prompts move amid sluggish spending and easing inflation

The Bangko Sentral ng Pilipinas cut its key policy rate on Thursday as inflation has returned to the central bank's 2% to 4% target range after six straight months of easing consumer prices.   © Reuters

MANILA -- The Philippine central bank cut its key interest rate on Thursday just hours after the government reported that economic growth in the first three months of the year expanded at its slowest pace in four years.

The Bangko Sentral ng Pilipinas lowered its benchmark rate by 25 basis points to 4.5%, the first cut in nearly seven years.

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