REDUCTION IN THE STATUTORY/LEGAL RESERVE REQUIREMENTS FOR PESO DEMAND, “NOW”, SAVINGS, TIME DEPOSIT LIABILITIES AND DEPOSIT SUBSTITUTES OF UNIVERSAL BANKS, COMMERCIAL BANKS, THR…
National Administrative Register November 6, 2008 [ BSP CIRCULAR NO. 632, S. OF 2008, November 19, 2008 ]
The Monetary Board, in its Resolution No. 1448 dated 6 November 2008,
approved the reduction in the statutory/legal reserve requirements for
peso demand, “NOW”, savings, time deposit liabilities and deposit
substitutes of universal banks, commercial banks, thrift banks, rural
and cooperative banks, and quasi-banks, as follows:
approved the reduction in the statutory/legal reserve requirements for
peso demand, “NOW”, savings, time deposit liabilities and deposit
substitutes of universal banks, commercial banks, thrift banks, rural
and cooperative banks, and quasi-banks, as follows:
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BANK/ACCOUNTS FINANCIAL INSTITUTION
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STATUTORY/LEGAL RESERVES
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LIQUIDITY RESERVES
|
||
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From
|
To
|
|||
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Universal Banks/Commercial Banks
|
– Demand
– Savings – Time |
10%
|
8%
|
11%
0%
|
|
– Deposit Substitutes
|
||||
|
– “NOW”
– Long-term Negotiable CTDs |
9%
2% |
8%
2% |
||
|
Thrift Banks
|
– Demand
– “NOW” – Savings – Time |
6%
|
4%
|
2%
|
| – Deposit Substitutes
– Long-term Negotiable CTDs
|
2%
|
2%
|
0%
|
|
|
Rural Banks Cooperative Banks
|
– Demand
|
6%
|
4%
|
0%
|
| – “NOW” – Savings |
2%
|
1%
|
||
|
– Time
– Long-term Negotiable CTDs |
2%
|
2%
|
||
|
Quasi Banks
|
– Deposit Substitutes
|
10%
|
8%
|
11%
|
Required reserves for peso-denominated Common Trust Funds (CTFs) and
such other similarly managed funds, as well as those for Trust and
Other Fiduciary Accounts— Others ( TO FA-Others) shall remain at
current levels.
These new reserve requirement ratios shall be effective starting with the reserve week beginning 14 November 2008.
Adopted: 19 Nov. 2008
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.
Governor