MANILA, April 9 -- A further cut in banks' reserve requirement ratio (RRR) is still possible, the Bangko Sentral ng Pilipinas (BSP) said.

"We want to eventually reduce the reserve requirement, but we're trying to figure out the right timing. We will raise it at the Monetary Board meeting at some point soon and that is another thing," BSP Governor Eli Remolona Jr. told reporters in a briefing late Monday.

In June last year, the RRR of universal and commercial banks and non-bank financial institutions with quasi-banking functions were slashed by 250 basis points to 9.5 percent.

However, Remolona said the 9.5 percent is not low enough, adding the said RRR puts the Philippines as the highest in Asia.

"So, when to do it, and how much would...