MANILA, Nov 19 (Reuters) - The Philippine central bank
unexpectedly cut policy rates by 25 basis points on Thursday, as
it saw the need for further easing to shore up the sputtering
economy amid a resurgence in global coronavirus cases.
The Bangko Sentral ng Pilipinas (BSP) lowered the rate on
the overnight reverse repurchase facility PHCBIR=ECI to a new
low of 2.0%.
Nine of 11 economists Reuters surveyed ahead of Thursday's
policy review had expected the BSP to keep rates on hold, while
two economists had projected a cut of 25 basis points.