BSP CIRCULAR LETTER, March 31, 2005
REDUCED STATUTORY RESERVE
National Administrative Register March 31, 2005
This is to remind all concerned banks and NBQBs that the reduced statutory reserve of two percent (2%) provided under Bangko Sentral ng Pilipinas (BSP) Circular No. 444 dated 18 August 2004 may not yet be availed of pending:
1. the issuance of the pertinent market convention acceptable to BSP that shall govern deposit substitutes transactions evidenced by repurchase agreements (repos) covering government securities; and
2. the opening for the purpose of a separate RoSS account with the Bureau of Treasury by the BSP-accredited third party custodian.
For your guidance.
Adopted: 31 March 2005
(SGD.) ALBERTO V. REYES
Deputy Governor