Reserve Requirements
- For banks, IBCL transactions settled through their respective DDAs with BSP via PhilPaSS are subject to the reserve requirements prescribed under Subsection X253.1 of the MORB.
- For quasi-banks (QBs), such IBCL transactions settled through their respective DDAs with BSP via PhilPaSS are eligible for zero percent (0%) reserve requirement.
Accounting Procedures for Banks
- Both lending and borrowing banks must immediately record the corresponding accounting entries in their books.
- Lending banks shall record IBCL transactions as "Interbank Call Loans Receivable."
- Borrowing banks shall record IBCL transactions as "Bills Payable – Interbank Call Loans Payable."
- Banks must reconcile their demand deposit accounts with the BSP against monthly statements of account provided by the BSP Financial Accounting Department, Comptrollership Sub-Sector.
Accounting Procedures for Quasi-Banks (QBs)
- Both lending and borrowing QBs must immediately record corresponding entries in their books.
- Lending QBs shall record IBCL transactions as "Interbank Call Loans Receivable."
- Borrowing QBs shall record IBCL transactions as "Bills Payable – Interbank Call Loans Payable."
- QBs are required to reconcile their demand deposit accounts with BSP against monthly statements furnished by the BSP Financial Accounting Department, Comptrollership Sub-Sector.
Effective Date
- This circular and its provisions shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circulation.
Authority and Issuance
- Issued pursuant to Monetary Board Resolution No. 766 dated June 4, 2010.
- Amends relevant sections of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
- Signed by Amando M. Tetangco, Jr., Governor of the BSP, for the Monetary Board.