Amendment to Item 2 of the calculation of reserve requirements during the holidays in December 2002

MAYNILA, PILIPINAS

SUPERVISION AND EXAMINATION SECTOR OFFICE OF THE DEPUTY GOVERNOR

Circular letter SERIES OF 2002

T O:

ALL BanKS aND nBQBs

Relative to Circular Letter dated November 27, 2002 which clarifies the calculation of the reserve requirement during the forthcoming holidays in December 2oo2, Item 2 is hereby amended to read as follows:

2 "The bank's/NBQBs reserve position at the close of December 23,

2002 shall be carried over for December 24 -- 25, 2002 while the reserve position as caiculated as of December 27, 20o2 shall be applied for the period December 28, 2002 -- January.1.2003.

For guidance

Nestor a. espenilla, Jr. Sector-in Charge

December oi 2002

MAG-IMPOK SA BANGKO