Bangko Sentral ng Pilipinas Gov. Eli Remolona said that the central bank would lower its benchmark overnight reverse repurchase rate by 25 basis points to 5.75%. It cut its benchmark lending rate to 6.

The US central bank has cut interest rates for a third time, despite concerns that the move will deliver a boost to the economy that risks re-igniting price inflation. The decision was expected, setting the Federal Reserve's key lending rate in a target range of 4.25% to 4.5%.

The bank has been lowering rates since June as inflation slowed, but other risks are growing, including the threat of higher tariffs promised by President-elect Donald J. Trump.

U.S. stocks plunged on Wednesday, with all three major indexes posting their biggest daily decline in months, after the Federal Reserve cut interest rates by a quarter of a percentage point but disappointed some investors with projections that signaled a more cautious path of easing next year.

Fed Chair Jerome Powell said a big reason for the committee's pullback was the slower-than-expected progress on combatting inflation this year. "The single biggest factor is infla

Powell called Wednesday’s cut a close call. Officials penciled in just two cuts next year after previously indicating four reductions.

The U.S. central bank lowered interest rates on Wednesday, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs hinge on further progress in lowering stubbornly high inflation,