MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved changes to rules on banks' reserve requirement, including the unification of liquidity and statutory reserves into one category, Deputy Governor Diwa Guinigundo said.

The central bank would also stop paying interest on these funds set aside by lenders under the new rules, Guinigundo said.

The central bank has previously said revisions to the structure of reserve requirements should have a neutral effect on policy.