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Byline: Kathleen A. Martin
MONETARY authorities yesterday reduced policy rates by 25 basis points, saying this would provide a buffer against a weakening global economy and as inflation remained moderate.
Overnight borrowing and lending rates were cut to a new low of 3.75% and 5.75%, respectively, by the Bangko Sentral ng Pilipinas' (BSP) policy- making Monetary Board.
The adjustment, hinted at by central bank officials earlier this week, was the third for this year after two consecutive cuts in the first quarter.
Most analysts polled by BusinessWorld last week had expected rates to remain unchanged.
"[T]he Monetary Board believes that …