MONETARY authorities on Thursday slashed interest rates by 25 basis points (bps) — the first time since a series of rate hikes last year — on expectations that inflation would remain manageable.

During a briefing at the Bangko Sentral ng Pilipinas (BSP) headquarters in Manila, the central bank’s Monetary Board reduced overnight borrowing, lending and deposit rates to 4.5 percent, 5 percent and 4 percent, respectively.