The Monetary Board, in its Resolution No. 1448 dated 6 November 2008, approved the reduction in the statutory/legal reserve requirements for peso demand, “NOW”, savings, time deposit liabilities and deposit substitutes of universal banks, commercial banks, thrift banks, rural and cooperative banks, and quasi-banks, as follows:

   

BANK/ACCOUNTS FINANCIAL INSTITUTION		STATUTORY/LEGAL RESERVES		LIQUIDITY RESERVES
		From	To
Universal Banks/Commercial Banks	- Demand - Savings - Time	10%	8%	11% 0%
	- Deposit Substitutes
	- “NOW” - Long-term Negotiable CTDs	9% 2%	8% 2%
Thrift Banks	- Demand - “NOW” - Savings - Time	6%	4%	2%
	- Deposit Substitutes - Long-term Negotiable CTDs	2%	2%	0%
Rural Banks Cooperative Banks	- Demand	6%	4%	0%
	- “NOW” - Savings	2%	1%
	- Time - Long-term Negotiable CTDs	2%	2%
Quasi Banks	- Deposit Substitutes	10%	8%	11%

Required reserves for peso-denominated Common Trust Funds (CTFs) and such other similarly managed funds, as well as those for Trust and Other Fiduciary Accounts— Others ( TO FA-Others) shall remain at current levels.

These new reserve requirement ratios shall be effective starting with the reserve week beginning 14 November 2008.

Adopted: 19 Nov. 2008

FOR THE MONETARY BOARD:

(SGD.) AMANDO M. TETANGCO, JR.
Governor