BSP wary of further bank reserve cuts

MANILA, Philippines — A fresh reduction in banks’ reserve requirement would do little to rouse an economy slowed by a graft-probe fallout, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said, though he noted that additional cuts remain on the table. The reserve requirement ratio (RRR), now at 5 percent for big banks, is