* C.bank says impact of pandemic is transitory
* More cuts in banks' reserve requirement on the table
* Philippines GDP declined by record 9.6% in 2020
(Adds details on reserve requirement ratio)
MANILA, April 26 (Reuters) - The Philippines' central bank
will continue supporting the economy, which remains
fundamentally sound despite the ongoing pandemic, its governor
said on Monday.
The impact of the COVID-19 crisis on the economy will be
transitory, central bank governor Benjamin Diokno told an
economic forum.
The Philippine economy contracted a record 9.6% in 2020
because of lengthy and restrictive coronavirus curbs.
Diokno said further cuts in the banks' reserve requirement
ratio (RRR) remain on the table, but that will depend on
domestic liquidity and credit dynamics in coming months.
The central bank governor aims to reduce the RRR to the
single digit level by the end of his term in 2023 from the
current 12%.
The central bank, which kept interest rates steady at 2.0%
at its last meeting in March, will meet on May 13 to review
policy.