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Financial News: Philippine Central Bank Cuts Reserve Requirement Ratio

Philippine Central Bank Cuts Reserve Requirement Ratio

05/24/2018 - 06:37:00 (RTTNews)

(RTTNews) - The Philippine central bank decided to cut its reserve requirement ratio for the second time since March.

The Monetary Board of the Bangko Sentral ng Pilipinas, led by Governor Nestor Espenilla, lowered the the ratio of funds that banks should set aside as reserves, by 1 percentage point to 18 percent, with effect from June 1.

The bank said the calibrated reductions in reserve requirement ratios are not intended to signal any change in the prevailing monetary policy stance.

Today's action reflects the BSP's gradual and phased reduction in reserve requirement ratios that commenced in March 2018. The bank intends to gradually reduce its reliance on reserve requirements for managing liquidity in the financial system.

The bank said the reduction in reserve requirements is also part of the BSP's broad financial sector reform agenda to promote a more efficient financial system by lowering intermediation costs.

Earlier this month, the bank had raised its benchmark interest rate to 3.25 percent from a record low for the first time in nearly four years.

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