The central bank may need to tighten its monetary policy further to guard against risks to financial stability amid the rapid growth in domestic liquidity and the expected impact of the El Niño weather phenomenon, ING Bank said on Wednesday.
Joey Cuyegkeng, senior economist for Manila at ING Bank, said in a report released ahead of the Monetary Board policy meeting set for May 8 that the Bangko Sentral ng Pilipinas (BSP) will face the need to further increase the reserve requirement ratio (RRR) for banks by another one percentage point to 20 percent.
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