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Philippine central bank cuts reserve requirements further

The Philippines' central bank on Oct. 24 lowered the reserve requirement ratios for the country's banks and non-bank financial institutions by 100 basis points to boost domestic liquidity and support economic growth.

The Bangko Sentral ng Pilipinas cut the reserve requirement ratio to 14% for commercial banks as well as non-bank financial institutions with quasi-banking functions, while the required ratio for thrift banks was reduced to 4%. The adjustments will become effective on the first day of the first reserve week of December.

The central bank said the decision is in line with its financial sector reform agenda to increase efficiency through lower intermediation costs. It had previously cut the reserve requirement ratio for commercial, thrift and rural banks by 100 basis points in September, following a 200-basis-point reduction in May.