The Central Bank of the Philippines decided Jan. 25, 2001, to implement a further cut of 50 basis points in both the overnight borrowing and lending rates to 12.0 percent and 14.25 percent, respectively. The bank's move to cut interest rates, which takes effect on Jan. 29, marks the third policy rate cut since the beginning of this year and brings the reduction in the central bank's policy rates to a cumulative total of 300 basis points since December 4, 2000.

In a statement, the central bank