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The Bangko Sentral ng Pilipinas said it expects to reduce banks’ reserve requirement ratio by a “quite a bit” within the year.
The reduction brought the RRRs of universal and commercial banks and NBQBs from 12 percent to 9.5 percent: digital banks from 8 percent to 6.0 percent; thrift banks from 3 percent to 2 percent; and rural and cooperative banks from 2 percent to 1 percent. The Monetary Board kept rates steady for a fifth straight meeting on May 16, but said a cut in interest rates is likely as early as August.
The risks to the inflation outlook continue to lean toward the upside. Potential price pressures are linked mainly to higher transport charges, food prices, electricity rates and global oil prices, the BSP said.
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