To increase the liquidity reserve requirement against peso demand, savings, time deposits and deposit substitute liabilities for UBs and KBs and NBQBs.
CIRCULAR NO. 418 Series of 2004
The Monetary Board, in its Resolution No. 133 dated February 5, 2004, increased the liquidity reserve requirement against peso demand, savings, time deposits and deposit substitutes liabilities for universal banks (UBs) and commercial banks (KBs) and non-bank financial intermediaries with quasi-banking functions (NBQBs) by 2 percentage points from 8 percent to 10 percent effective February 6, 2004. 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 – Treasury Department, pursuant to Circular 10 dated December 29, 1993.
FOR THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA Governor
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