August 9, 2019 / 7:42 AM / 3 months ago

Philippine cbank chief flags possible RRR cut before Sept 26 meeting

MANILA, Aug 9 (Reuters) - The Philippine central bank chief signalled on Friday that it could cut banks’ reserve requirement ratio (RRR) again before its next policy meeting in late September.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the policy-making Monetary Board will discuss a possible 25 basis point (bps) reduction in the key overnight reverse repurchase facility.

The Philippine central bank on Thursday cut its benchmark interest rate by 25 bps, and signaled more monetary easing to boost the economy, which grew by a less than expected 5.5% in the second quarter, the slowest in 17 quarters.

Its next policy review is Sept. 26.

Diokno, speaking in an interview with news channel ANC, also said 6-7% GDP growth this year, which is the government’s target, is still possible.

Reporting by Enrico dela Cruz and Neil Jerome Morales; Editing by Kim Coghill

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