(NAR) VOL. 10 NO. 1 / JANUARY - MARCH 1999
"SECTION 11. On top of the regular reserve requirements, a liquidity reserve against peso demand, savings, time deposit and deposit substitute liabilities shall be maintained as follows:The required liquidity reserve may be maintained in the form of short-term market-yielding government securities purchased directly from the BSP-Treasury Department, pursuant to Circular No. 10 dated 29 December 1993.
a) For expanded commercial banks, commercial banks, and non-bank financial intermediaries with quasi- banking functions (NBQBs),
six percent (6%) effective1 February 1999, and five percent (5%) effective1 March 1999b) For thrift banks five percent (5%) effective1 February 1999, and four percent (4%) effective1 March 1999c) For rural banks - against demand deposit liabilities two percent (2%) effective1 February 1999, and one percent (1%) effective1 March 1999-against savings/time deposits to remain at zero (0%)