Philippine central bank cuts banks' reserve requirement ratios from Oct 25
Adds more details from paragraph 2
MANILA, Sept 20 (Reuters) -The Philippine central bank said on Friday it will reduce the amount of reserves that commercial banks are required to hold by 250 basis points from October 25, and said the inflation outlook meant further cuts were possible.
The Bangko Sentral ng Pilipinas (BSP) said the reserve requirement ratios (RRR) for universal and commercial banks will be cut by 250 basis points to 7.0%.
The reserve requirements for digital and thrift banks will fall by 200 bps and 100 bps, respectively, on the same date.
The BSP said the cuts were in line with its efforts to reduce distortions in the financial system, lower intermediation costs, and promote better pricing for financial services.
"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," it said in a statement.
BSP Governor Eli Remolona had flagged the cuts on Wednesday, and had said a further reduction in 2025 could be expected.
Following the announcement, the Philippine peso rose 0.1% to 55.480 to the dollar, while Philippine stocks climbed as much as 1.6% to7,316.70 points, the highest since March 2022.
Reporting by Mikhail Flores and Karen Lema; Editing by Martin Petty and John Mair
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