MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2708.12.31DETAILS ON THE COMPUTATION OF QUARTERLY INTEREST PAYMENTSCREDITED TO THE DEMAND DEPOSIT ACCOUNTS OF QUASI-BANKS’ LEGALRESERVE DEPOSITS WITH THE BANGKO SENTRAL[Appendix to Subsec. 4254Q.3 (2008 - 4246Q.7)]The following are the pertinentinformation on the computation ofquarterly interest payments credited to theDDAs of QBs’ legal reserve deposits withBSP.1. BSP Circular No. 262, asamended, (for regular DDA) andMemorandum to All Banks and OtherFinancial Intermediaries PerformingTrust, Other Fiduciary Business andInvestment Management Activities (forCTF and TOFA), as amended, both dated18 October 2000 state that computationof quarterly interest payments due onQBs’ legal reserve deposits with the BSPis based on the lower of their outstandingdaily DDA balance and forty percent(40%) of the reserve requirement(excluding liquidity reserve). Interest rateis at four percent (4%) per annum andinterest base at 365 days.2. The daily DDA balance used in thecomputation of interest may be obtainedfrom the semi-monthly demand depositstatements of account balances that areavailable electronically to QBs throughEFTIS (for PhilPaSS participants) or monthlythrough the DDA statements sent by mail(for non-PhilPaSS participants).3. The data on reserve requirementsare based on the institutions’ ConsolidatedReport of Condition Required andAvailable Reserves against depositsubstitutes and special financing submittedto the SDC on a weekly basis. Unless SDCfurnishes an amended data, the QB’scomputation is used in determining theforty percent (40%) of the reserverequirement that shall be compared withthe outstanding daily balance, in arrivingat the amount of interest credit.4. The interest credit to each DDA issupported by a credit advice whichindicates the period covered by thepayment. For PhilPaSS participants, thecredit advices are released through theirauthorized QB representatives togetherwith the cancelled checks drawn against theinstitutions’ DDA with the BSP while fornon-PhilPaSS participants, the creditadvices are sent by mail together with theirDDA Statement of Accounts.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-27 - Page 1