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Economy

Philippines cuts key rate for third time this year

Economist sees room for further easing amid slowing economy

The Bangko Sentral ng Pilipinas on Sept. 26 cut 25 basis points off its benchmark rate, which now stands at 4%.   © Reuters

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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