BSP CIRCULAR NO. 632, S. OF 2008, November 19, 2008
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 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
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To
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|||
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Universal Banks/Commercial Banks
|
– Demand
– Savings – Time |
10%
|
8%
|
11%
0%
|
|
– Deposit Substitutes
|
||||
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– “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