What are the updates on Bank Reserves as against provisions in the New Central Bank Act of 1993 (RA) 7653) especially changes in the Philippine reserve requirements in the past two years?

1. What are the updates on Bank Reserves as against provisions in the New Central Bank Act of 1993 (RA) 7653) especially changes in the Philippine reserve requirements in the past two years?

(R.A. 7653.)

Declaration of Policy. - The State shall maintain a central monetary authority that shall function and operate as an independent and accountable body corporate in the discharge of its mandated responsibilities concerning money, banking and credit.