Wires

Philippine cbank announces 100 bps RRR cut

MANILA, Sept 27 (Reuters) - The Philippine central bank announced a 100 basis points cut in the banks' reserve requirement ratio on Friday, in line with its medium-term plan to bring it to a single digit level.

The cut, which follows a 200 bps phased reduction from May to July, will take effect in November, the Bangko Sentral ng Pilipinas (BSP) said in a statement, confirming earlier reporting by Reuters. (Reporting by Karen Lema and Enrico dela Cruz Editing by Raissa Kasolowsky)