Philippines cuts interest rates to record low due to COVID-19 hinh anh 1People in Manila, the Philippines, wear face masks to prevent the spread of coronvirus (Photo: VNA)

Hanoi (VNA) –
The Philippine central bank on April 16 lowered its interest rates by 50 basis points to 2.75 percent, the lowest on record, to keep the economy afloat amid the COVID-19 pandemic.

This is the third time the Bangko Sentral ng Pilipinas has cut its interest rates this year.

Earlier, the bank had reduced its interest rates by 25 basis points in February and then 50 more basis points in March.

The new rate cut will take effect from April 17.

According to the statistics website, as of April 16 afternoon, the Southeast Asian country confirmed 5,660 COVID-19 cases, including 362 deaths./.