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Manila banks again told to pull in interest rates

Manila banks again told to pull in interest rates

(Philippines) - The Philippine government has reportedly ordered two state owned banks to reduce their lending rates to a minimum of 10 percent to help encourage local borrowing. The Development Bank of the Philippines and the Land Bank of the Philippines have been instructed to immediately pull back rates form their current average of 12.5 percent.

These compare to the average rate of benchmark 91-day Treasury bills, which are down to a 15-year low of 7.594 percent in the most recent auction.

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