BSP cuts interest rates to record low

Posted at 10/25/2012 4:18 PM | Updated as of 10/25/2012 7:09 PM

 MANILA, Philippines - The Philippine central bank cut its benchmark interest rate by 25 basis points, as expected, bringing it to a new low of 3.50 percent to try to cushion the economy from the global downturn.

The cut was the fourth this year, following trims of 25 basis points in January, March and July.

The Monetary Board, which met on Thursday, holds a rate-setting meeting every six weeks. Its next session - the last in 2012 - will be on Dec. 13.