Single Reserve Week from 26 March 2021 to 8 April 2021 and the Corresponding Computation for the Single Reserve Week
O OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR MEMORANDUM NO. M-2021- 018 ___ To : ALL BANKS AND NON-BANKS WITH QUASI-BANKING FUNCTIONS Subject : Single Reserve Week from 26 March 2021 to 8 April 2021 and the Corresponding Computation for the Single Reserve Week In computing the reserve requirement for reference weeks 26 March 2021 to 1 April 2021 and 2 April to 8 April 2021, please be guided by the following: 1. The following dates are proclaimed regular holidays, thus considered as non-reserve days: Under Proclamation No. 986 dated 30 July 2020 • 1 April 2021, Thursday – Maundy Thursday; and • 2 April 2021, Friday – Good Friday 2. Accordingly, the reserve position as computed at the close of business of 31 March 2021 shall be carried over up to 4 April 2021. 3. The reserve weeks 26 March 2021 to 1 April 2021 and 2 April 2021 to 8 April 2021 shall be considered as a single reserve week for the purpose of determining “abuse” of the privilege of offsetting reserve deficiencies against excess reserve during that reserve week. For information and guidance. Digitally signed by Chuchi G. Fonacier Date: 2021.03.26 16:42:18 +08'00' CHUCHI G. FONACIER Deputy Governor 26 March 2021
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