Banks cheer BSP chief’s ‘bold move’ to cut reserves aggressively

MANILA, Philippines --- The Philippines largest financial institutions on Friday cheered the decision of financial regulators to progressively reduce the amount of cash banks are required to hold inactive in their vaults, saying the move will help boost the country's economic growth. In a statement, the Bankers Association of the Philippines (BAP) -- the umbrella organization of the country's largest banks -- said the move is also timely since the inflation rate in the domestic economy has fallen to a 16-month low as of April. "The 2 percent cut in reserve requirements recognizes the BSP's effectiveness in strengthening the country's banking system," BAP president Cezar Consing sai...

Keep on reading: Banks cheer BSP chief’s ‘bold move’ to cut reserves aggressively

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