Philippine CB Reduces Key Rates Unexpectedly

The Philippine central bank lowered its key rates unexpectedly by 25 basis points to support growth amid increased downside risks to growth. The Monetary Board of the Bangko Sentral ng Pilipinas, or BSP, on Thursday, decided to reduce the overnight reverse repurchase facility rate to 2.00 percent from 2.25 percent. The new rate will take effect on November 20.