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The Bangko Sentral ng Pilipinas said Friday it will implement a 250-basis-point reduction in the reserve requirement ratios of universal and commercial banks and non-banks with quasi-banking functions starting Oct. 25, 2024.
After the reduction, the RRRs of universal and commercial banks and NBQBs will be 7 percent, down from 9.5 percent; digital banks to 4 percent; TBs to 1 percent; and RCBs to zero. The BSP said the adjustments in reserve requirements are in line with its continuing efforts to reduce distortions in the financial system.
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