MANILA -- The Philippine central bank on Thursday slashed its benchmark rate for a third time this year in the face of decelerating inflation and a slowing domestic economy.
The Bangko Sentral ng Pilipinas reduced its key interest rate by 25 basis points to 4%, in line with a Reuters poll. The decision follows the U.S. Federal Reserve's move last week to lower the cost of borrowing amid a trade war with China that is helping to stoke fears of a global economic slowdown.
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