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Regulations

Regulations

Circulars

Date Issued: 11.13.2008

Number: 632


CIRCULAR NO. 632
Series of 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:

BANK/ FINANCIAL 
INSTITUTION

 ACCOUNTS

STATUTORY/LEGAL RESERVES

LIQUIDITY RESERVES

From

To

Universal Banks/ Commercial Banks

- Demand
- Savings
- Time
-  Deposit Substitutes

10%

8%

11%

- “NOW”

9%

8%

- Long-term Negotiable CTDs

2%

2%

0%

Thrift Banks

- Demand
- “NOW”
- Savings
- Time
- Deposit Substitutes

6%

4%

2%

- 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 (TOFA-Others) shall remain at current levels.

These new reserve requirement ratios shall be effective starting with the reserve week beginning 14 November 2008.  

FOR THE MONETARY BOARD:

    

AMANDO M. TETANGCO, JR.
Governor

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