September 27, 2019 / 8:45 AM / 21 days ago

Philippine central bank to announce 100 bps RRR cut - document

MANILA, Sept 27 (Reuters) - The Philippine central bank is set to announce on Friday a 100 basis points reduction in banks’ reserve requirement ratio, according to a central bank document seen by Reuters.

The 100 bps cut, which will bring the ratio to 15%, will take effect in November, the document showed.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno has said the RRR ratio will be at a single digit level by the time he ends his term as governor in 2023. (Reporting by Karen Lema; Editing by Alison Williams)

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