To help stimulate the economy, the BSP’s Monetary Board cut the policy rate by a total of 175 basis points in a span of five months, bringing the key policy rate to an all-time low of 2.25 percent.
1/4  BIS central bankers' speeches  In addition, the Monetary Board gave me authority to cut the reserve requirement ratio by a total of 400 bps this year. So far, I have cut it by 200 bps to 12 percent. These actions are meant to encourage banks to increase lending to households and businesses, and, consequently, pump additional liquidity to stir economic activity.