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(NAR) VOL. 24 NO. 4 / OCTOBER - DECEMBER 2013
[ BSP CIRCULAR NO. 813, September 27, 2013 ]
AMENDMENT ON MARKET VALUATION OF GOVERNMENT SECURITIES
Section 1. Appendix 33a of the Manual of Regulations for Banks (MORB) and Appendix Q-20a of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on market valuation of government securities are hereby amended to read as follows:
“x x x
“D. Peso-Denominated Government Securities
“The benchmark or reference prices shall be based on the weighted average of done or executed deals in a trading market registered with the SEC. In the absence of done deals, the simple average of all firm bids per benchmark tenor shall be used in calculating the benchmark; Provided, That the simple average of all firm offer per benchmark tenor shall likewise be included as soon as permissible under securities laws and regulations.
“x x x
“Other Guidelines
“The basis for the market valuation of non-benchmark securities shall be the same as those used in Peso-Denominated Government Securities in Section D above. In the absence of both done and bid rates, interpolated yields derived from the benchmark or reference rates in accordance with the BSP-approved guidelines for computation of reference rates in Section D above shall be used.
“x x x”
Section 2. Subsections X410.10 of the MORB and 4410Q.10 and 4910N.10 of the MORNBFI on “Other Related Guidelines on Valuation of Allowable Investments” are hereby amended to read as follows:
“a. In pricing debt securities, the provision of Appendix 33a/Appendix Q-20a under the “Other Guidelines” section shall apply for non-benchmark securities.
“x x x”
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or any newspaper of general circulation.
FOR THE MONETARY BOARD:
(SGD) AMANDO M. TETANGCO, JR.
Governor