BSP CIRCULAR NO. 1332 S. 1992, March 23, 1992
PENALTY ON RESERVE DEFICIENCY
National Administrative Register March 23, 1992
The Monetary Board, in its Resolution No. 210 and 235 dated March 6, and 16, 1992, respectively, decided that:
1. Effective April 20, 1992, the reserve position of any bank or non-bank financial intermediary performing quasi-banking functions and penalty on reserve deficiency shall be computed based on a seven-day week, i.e., daily including Saturdays, Sundays, public holidays and days when there is no Central Bank clearing (including special holidays); and
2. Effective March 23, 1992, the term chronic deficiency shall be redefined to mean deficiency in reserve requirements for two consecutive weeks only.
Adopted: 23 Mar. 1992
(SGD.) JOSE L. CUISIA, JR.
Governor
Governor