Bangko Sentral cuts banks’ reserve requirement ratio to 7.0%

'The reductions will lower intermediation costs and promote better pricing for financial services,' the central bank says

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MANILA, Philippines – The Bangko Sentral ng Pilipinas will substantially cut the reserves that banks are required to hold against deposits, which would free up billions in loanable funds. Here are the new RRRs that will take effect beginning the week of October 25, applying to local currency deposits and deposit substitute liabilities:“The BSP emphasizes that these adjustments in reserve requirements are in line with its continuing efforts to reduce distortions in the financial system,” the central bank said on Friday.

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