Thursday, the Bangko Sentral ng Pilipinas lowered its key interest rate, which is the interest rate on the overnight borrowing or reverse repurchase facility by 25 basis points to 4.5%. The monetary board decision was in line with economists' expectations and takes effect immediately.

The central bank also lowered its interest rate on overnight lending or repurchase facility to 6.5% from 6.75%.

Since December 2008, the central bank has made a cumulative reduction of 150 basis points in the key policy rates. The latest cut took the key interest rate to the lowest level since May 15, 1992.

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