BSP Circular No. 491 (2005)
TO APPROVE THE INCREASE IN THE RESERVE REQUIREMENTS FOR UNIVERSAL BANKS (UBS) AND COMMERCIAL BANKS (KBS) AND NON-BANK FINANCIAL INTERMEDIARIES WITH QUASI-BANKING FUNCTIONS AND WITH TRUST LICENSE
(NAR) VOL. 16 NO. 3 / JULY - SEPTEMBER 2005
[ BSP CIRCULAR NO. 491, July 12, 2005 ]
TO APPROVE THE INCREASE IN THE RESERVE REQUIREMENTS FOR UNIVERSAL BANKS (UBS) AND COMMERCIAL BANKS (KBS) AND NON-BANK FINANCIAL INTERMEDIARIES WITH QUASI-BANKING FUNCTIONS AND WITH TRUST LICENSE
The Monetary Board, in its Resolution No. 898 dated 7 July 2005, approved the following increase in the reserve requirements for Universal Banks (UBs) and Commercial Banks (KBs) and Non-Bank Financial Intermediaries with Quasi- Banking Functions and with Trust License by 1 percentage point for the statutory/legal reserves and another 1 percentage point for the liquidity reserves, as follows:
A. Peso Demand, Savings and Time Deposit Liabilities and Deposits Substitutes Statutory/Legal Reserves Liquidity Reserves From To From To Universal Banks 9% 10% 10% 11% Commercial Banks 9% 10% 10% 11% NBFIs with QB 9% 10% 10% 11% Function B. Common Trust Funds and Other Similarly Managed Funds (CTF) Statutory/Legal Reserves Liquidity Reserves From To From To Universal Banks 9% 10% 10% 11% Commercial Banks 9% 10% 10% 11% NBFIs with Trust 9% 10% 10% 11% License C.Trust and Other Fiduciary Activities (TOFA-Others) Statutory/Legal Reserves Liquidity Reserves From To Universal Banks 6% 10% 11%Commercial Banks 6% 10% 11% NBFIs with Trust 6% 10% 11% License D. 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 29 December 1993. The new reserve requirements shall be effective starting for reserve week 15 July 2005. Adopted: 12 July 2005
(SGD.) AMANDO M. TETANGCO, JR. Governor