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Philippine c.bank unexpectedly cuts rates by 25 bps

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 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.

Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Jacqueline Wong

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