AS widely expected, monetary authorities on Thursday cut interest rates for the third time this year on the back of lower price pressures.

The Bangko Sentral ng Pilipinas’ (BSP) overnight borrowing, lending and deposit rates were reduced by another 25 basis points to 4.00 percent, 4.50 percent and 3.50 percent, respectively, after the Monetary Board held its sixth policy meeting for 2019.