Reduction in liquidity reserve requirement against peso demand, savings, time deposits and deposit substitute liabilities of UBs, KBs and NBQBs
CIRCULAR NO. 319 Series of 2002
The Monetary Board, in its Resolution No. 63 dated January 17, 2002, as amended by MB Resolution No. 163 dated January 31, 2002, approved the reduction in the liquidity reserve requirement against peso demand, savings, time deposits and deposit substitute liabilities of Universal Banks (UBs) and Commercial Banks (KBs) and Non-bank Financial Intermediaries with quasi-banking functions (NBQBs), by two (2) percentage points from 9 percent to 7 percent. The regular reserve requirements are maintained at 9 percent.
The required liquidity reserves may be maintained in the form of short-term market yielding government securities purchased directly from the Bangko Sentral ng Pilipinas (BSP) - Treasury Department, pursuant to Circular 10 dated December 29, 1993.
This Circular shall take effect January 18, 2002.
FOR THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA Governor
More in BSP Circulars
- Amendments to the Manual of Regulations for Non-Bank Financial Institutions on the Enhancement of Corporate Governance Guidelines for Non-Stock Savings and Loan Associations(BSP Circular No. 1115)
- Increase in Statutory/Legal Reserve Requirements of Peso Deposit Liabilities and Deposit Substitutes(BSP Circular No. 732)
- To delete from the coverage of said Circular peso borrowings of single proprietorships owned by non-Filipino citizens and resident foreign nationals doing business in the Philippines(BSP Circular No. 7)
- United Arab Emirates' dirham as one of the currencies convertible with the Central Bank(BSP Circular No. 1373)
- Amendments to Circular No. 398 governing credit card operations of banks and subsidiary credit card companies(BSP Circular No. 454)
- Amendments to the cooling-off provisions of the Bangko Sentral ng Pilipinas Regulations on Financial Consumer Protection(BSP Circular No. 898)
- To defer the scheduled reduction of the reserve requirement to twenty-one percent (21%) by end September 1993(BSP Circular No. 6)
- Risk weighting of bank loans to the extent guaranteed by the Agricultural Guarantee Fund Pool (AGFP)(BSP Circular No. 713)
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