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Philippines central bank says 'deeper' rate cut needed to cushion virus blow

A Filipino Catholic prays outside a closed church on Maundy Thursday amid the enforcement of home quarantine to contain the coronavirus disease in Manila.   © Reuters

MANILA (Reuters) --The Philippines' central bank governor on Sunday said another 200 basis-point cut in the bank's reserve requirement ratio is "forthcoming" and signalled more cuts in its policy interest rate to cushion the economic blow of the novel coronavirus.

The bank has slashed its interest rate by a total of 75 basis points (bps) so far this year to 3.25% - more than the 50 bps reduction to which it had earlier committed. It also cut the ratio of funds it requires banks to keep in reserve by 200 bps last month to help boost liquidity in the economy.

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