BSP CIRCULAR NO. 461, S. 2004, November 17, 2004
TERM OF TIME DEPOSITS
National Administrative Register November 17, 2004
Pursuant to Monetary Board Resolution No. 1583 dated 28 October 2004, which authorized the removal of the minimum term of time deposits accepted/offered by banks, Section X231 of the Manual of Regulations for Banks is hereby amended to read as follows:
“X231 Term of Time Deposits – Time deposits shall be issued for a specific period or term.”
This Circular shall take effect immediately.
Adopted: 17 Nov. 2004
(SGD.) AMANDO M. TETANGCO, JR.
Officer-in-Charge