RP banks to lower rates

RP banks to lower rates

MANILA (Reuters): The Philippine central bank and the Bankers Association of the Philippines (BAP) have agreed to take further steps to lower lending rates, officials said yesterday.

Central bank governor Gabriel Singson and BAP president Deogracias Vistan said these would involve slashing the statutory reserve requirement and increasing the interest-bearing portion of these reserves.

Singson declined to say how deep the cut would be.

Vistan said the move was a joint effort by the BAP and the central bank, explaining Singson's move.