October 24, 2019 / 8:38 AM / 21 days ago

Philippines c.bank announces 100 bps cut in RRR

MANILA, Oct 24 (Reuters) - Philippines central bank Governor Benjamin Diokno announced on Thursday another 100 basis point cut in banks’ reserve requirement ratio that will take effect in December.

The latest cut follows a 100 bps reduction announced in September to take effect in November and a 200 phased RRR cut from May to July.

Diokno has repeatedly 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 Toby Chopra)

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