1 December 2006 (Friday) – A Non-Working Holiday and Non-Reserve Day
MEMORANDUM NO. M -2006-023
TO : ALL BANKS AND NBQBs
Subject: 1 December 2006 (Friday) – A Non-Working Holiday and Non-Reserve Day
The Office of the President has declared Friday, 1 December 2006, a special non-working holiday throughout the country (Proclamation Order No. 1169 dated 10 November 2006). This is in lieu of 30 November 2006, a regular legal holiday (Bonifacio Day), which was declared as a working day.
Accordingly, 1 December 2006 is considered a non-reserve day for purposes of computing the banks’/NBQBs’ reserves against deposit substitute/liabilities, Common Trust Funds (CTFs) and Other Similarly Managed Funds and Trust and Other Fiduciary Activities – Others (TOFA-Others). Thus, for the reserve week 1 – 7 December 2006, the reserve position as computed as at 30 November 2006 shall be applied from 1 - 3 December 2006.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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