(NAR) VOL.8 NO. 4 / OCTOBER - DECEMBER 1997
"Section 11. On top of the regular reserve requirements, a liquidity reserve against peso demand, savings, time deposit and deposit substitute liabilities shall continue to be imposed, as follows:Adopted: 1 Oct. 1997
a) For expanded commercial banks, commercial banks, and nonbank financial intermediaries with quasibanking functions (NBQBFs), from six (6) percentage points to five (5) percentage points effective 15 October 1997, and to four (4) percentage points effective 15 November 1997; and
b) For thrift banks, from five (5) percentage points to four (4) percentage points effective 15 October 1997, and to three (3) percentage points effective 15 November 1997.
The 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.
The same forms and composition of reserves as provided in Sections 1254, 2254, 3254, 1283, 2283.1, 3283, and 4283Q of Books I, II, III and IV, respectively, of the Manual of Regulations for Banks and Other Financial Intermediaries shall be maintained in the case of regular reserves."