Regulatory Alerts2024-10-25
M-2024-034: Single Reserve Week from 18 October to 31 October 2024 and the Corresponding Computation for the Single Reserve Week
The Office of the Deputy Governor of the Bangko Sentral ng Pilipinas issued this memorandum to adjust reserve requirement computations for banks and quasi-banking institutions due to Tropical Storm Kristine. The directive designates October 23 and 24 as non-reserve days while maintaining October 25 as a reserve day, requiring the reserve position from October 22 to carry over through October 24. Consequently, the reserve weeks of October 18-24 and October 25-31 are merged into a single reserve week to determine any abuse of the privilege to offset reserve deficiencies against excess reserves.
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