Banks’ loans to micro, small and medium enterprises as alternative compliance to the reserve requirement totalled P212.8 billion in May, higher compared to the previous month’s P204.6 billion, based on Bangko Sentral ng Pilipinas data.
Loans of banks to large enterprises as RR alternative compliance, meantime, reached P65 billion in May, which was 4.2 percent of total required reserves. This was lower than P66.5 billion in April, accounting for 4.3 percent of total required reserves. An impending RR ratio cut in the fourth quarter this year is a move intended to be an operational adjustment to facilitate the BSP’s shift to market-based instruments for managing liquidity in the financial system, particularly the term deposit facility and the BSP securities.
The main objective of BSP’s monetary operations is to control and manage inflation which the BSP as of May 19 forecasts will average at 4.6 percent for 2022 and 3.9 percent in 2023. In April, inflation stood at 5.4 percent, exceeding the government target of two percent to four percent.
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