BSP cuts rediscount rate, ups budget

The measures were the latest efforts by the central bank to boost the economy and cushion the impact of a worsening global downturn.

The BSP has slashed its key overnight borrowing rate — the rate at which the central bank pays banks for short-term deposits — by a total 100 basis points in December and January to 5.0% at present, and analysts are expecting more as inflation continues to ease.

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