Philippine cuts reserve requirement ratio by 200 bps to support growth

MANILA, March 24 (Reuters) - The Philippine central bank announced a 200 basis points reduction in the reserve requirement ratio (RRR) on Tuesday to calm financial markets and boost lending.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said, the cut, which will take effect on March 30, will ensure there is sufficient liquidity to counter the economic impact of the coronavirus outbreak. The cut will bring the ratio to 12%. (Reporting by Karen Lema; Editing by Himani Sarkar)