Financial News: Philippine Central Bank Lowers Reserve Requirement Ratio

Philippine Central Bank Lowers Reserve Requirement Ratio

09/20/2024 - 08:56:00 (RTTNews)

(RTTNews) - The Philippine central bank lowered the amount of funds that commercial banks should set aside as reserves.

The Bangko Sentral ng Pilipinas decided to cut the reserve requirement ratios by 250 basis points for universal and commercial banks to 7.0 percent. The new ratio will take effect on October 25.

The ratio for digital banks was reduced by 200 basis points and that for thrift banks by 100 basis points.

"As inflation continues to track a target-consistent path over the next two years, the BSP will reassess the need for further reductions in the RRRs to better align them with regional norms over the medium term," the bank said.

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