Regulatory Alerts2024-09-20
Circular No. 1201: Reduction in Reserve Requirements
The Monetary Board of the Bangko Sentral ng Pilipinas issued Circular No. 1201 to reduce reserve requirement ratios for banks and non-bank financial institutions with quasi-banking functions. The directive amends the Manual of Regulations to lower specific reserve percentages for various deposit and deposit substitute liabilities, effective for the reserve week starting 25 October 2024. Non-bank financial institutions are required to maintain a seven percent reserve on peso-denominated deposit substitute liabilities under the new regulations.
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