Manila central bank to look at banks proposals on reserve ratio

MANILA: The Philippine central bank said on Wednesday it will consider proposals raised by local banks in revamping the structure of required reserves at its next policy meeting, with the aim of allowing authorities to better monitor money supply.

The central bank's policy-making Monetary Board holds meetings every Thursday but sets interest rates every six weeks, with the next rate review set on Dec. 1.

"In its policy review, the BSP (Bangko Sentral ng Pilipinas) will consider the issues and concerns raised by the different banking organisations," central bank Governor Amando Tetangco said in a statement.