(NAR) VOL. 9 NO. 3 / JULY - SEPTEMBER 1998
"Deposits maintained by all financial intermediaries authorized to engage in trust and other fiduciary business with the BSP up to forty percent (40%) of the required reserves against peso-denominated common trust funds (less the percentage allowed to be maintained in the form of short-term market-yielding government securities), as well as the required reserves for TOFA-Others (less the percentage allowed to be maintained in the form of short-term market-yielding government securities), shall be paid interest at four (4%) per annum effective 29 May 1998 based on the average daily balance of said deposits to be credited quarterly."Adopted: 22 June 1998