Philippines Plans Large RRR Cut This Year After Easing Pivot [BNN Bloomberg (Canada)]
BANK OF PHILI IS UNS/ADR (BPHLY)
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Source: BNN Bloomberg
“We will reduce the reserve requirement substantially this year, and then there may be further reductions by next year,” Remolona said at a media briefing in Manila on Wednesday. He didn't specify the extent of cuts in the RRR, currently at 9.5% of deposits that bigger banks must set aside in reserve. The governor's comments come a month after the Bangko Sentral ng Pilipinas kicked off a rate cut cycle to lower the benchmark interest rate from a 17-year high. While the BSP had long stressed that the reserve requirement isn't a monetary policy tool, it held off from triple R cuts during Remolona's term so as not to cause confusion. Banks have long sought lower RRR from the BSP to trim their costs and free up billions of pesos of funds required by the authorities to be locked in their vaults. Bank of the Philippine Islands, one of the country's largest lenders, had even proposed a conditional, instead of a uniform reserve requirement cut, according to a GMA News report last month.
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